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Federal International CFO under probe for market conduct: board

THE group chief financial officer (CFO) of oil and gas procurement specialist Federal International (2000) is being probed by the authorities for possible market conduct offences, the board has said.

It said in a Sunday night announcement that Tan Chee Keong, who is also the company secretary, is under investigation by the Monetary Authority of Singapore (MAS) with regard to the Securities and Futures Act.

"The board wishes to highlight that neither the company nor any subsidiary of the group is the subject matter of the investigation by the MAS," the board noted in its announcement. "The group's business  operations will not be affected by the investigation and continues as normal."

It added that appropriate announcements will be made "should there be any further material development that should be brought to the attention of shareholders" under listing rules.

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Mr Tan was appointed to his post at Federal International in August 2017, after stepping down as group CFO for Broadway Industrial Group, where he served from 2015 to 2017.

His previous roles included more than a decade as group financial controller of Jurong Technologies Industrial Corp and three years as vice-president of finance and administration at Jurong Port.