A FORMER director of Catalist-listed No Signboard, who was arrested in Singapore’s biggest raid against suspected money launderers, was uninvolved in the company’s day-to-day operations and did not attend or take part in board meetings.

Su Haijin, the company’s non-executive director from Oct 11, 2021 to Jun 14, 2022, was also not given remuneration or paid a director’s fee as he was non-executive and non-independent, No Signboard said in a bourse filing on Tuesday (Aug 22).

He was appointed to the role as part of his acquisition of a 20 per cent stake in the company from GuGong in May 2021.

Under the terms of the sale-and-purchase agreement, Su was entitled to appoint up to two persons to the board, but he nominated only himself, the company said.

It added that it did not undertake any direct fund-raising activity or share placement with Su, and that none of its other board members knew or had any dealings with him prior to the share transaction.

No Signboard also confirmed that none of the members of its board have been in contact with Su since his resignation from the board on May 31, 2022.

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Su resigned voluntarily due to “current and future business and other commitments which would make it difficult for him to continue devoting the time and commitment required as a non-executive director of the company”, No Signboard said in a bourse filing at the time, and confirmed this in the latest announcement.

Su, a 40-year-old Cypriot national, is one of 10 individuals charged for suspected involvement in offences including forgery and money laundering. Another 12 are assisting in investigations, and eight other individuals are on the run.

No Signboard’s latest annual report, filed last September, lists a Su Haijin as holding a 20-per-cent stake in the company.

Shares in the company have been suspended from trading since Jan 24, 2022.