GS Holdings assisting CAD, MAS in ‘confidential’ probe
Ry-Anne Lim
FOOD and beverage company GS Holdings announced on Monday (Oct 30) that it is assisting the authorities in an investigation into offences under the Securities and Futures Act.
The Catalist board-listed company has been ordered by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore to provide “certain documents” for the probe. This includes all current and archived e-mail and mailboxes of the company’s chief executive officer Pang Pok from Jan 1, 2021, to date, and all his chat messages, including any in the company phone issued to him, for that same period.
In a bourse filing, GS Holdings said he has been interviewed by the CAD and surrendered his passport. No one else in the company is involved in the investigation or has been asked to surrender their passport, it said.
Pang, who is also the company’s executive director and acting chairman, has not been charged, and no further conditions or restrictions have been imposed on him.
GS Holdings has also assessed that he has “adequate time and resources” to continue his duties and responsibilities. His appointment will be reassessed, pending the outcome of the investigation.
In the meantime, the group’s lead independent director, Irwin Lim, has been appointed as the acting chairman with immediate effect, to maintain oversight of Pang’s duties and responsibilities, and to “safeguard the risks associated with Pang’s continued appointment”.
The group said that the investigation would have no impact on its business and operations, nor would it have a material impact on its financials. No further information can be made available as the investigation remains confidential, it added.
In a separate filing on Monday evening, GS Holdings requested for the lifting of the halt in the trading of its shares and bonds. Shares of the group were trading flat at S$0.045 on Oct 25, when trading was halted.
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