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Imperium's ex-directors may have run foul of law over 'irregularities' in dividends
IMPERIUM Crown, a Catalist-listed property investor, on Thursday said that five previous directors may have breached rules following "irregularities" over a dividend payment. The issue has been reported to the authorities.
This dividend refers to a one-tier tax-exempt dividend of 0.1 Singapore cent per ordinary share issued for the financial period ended Dec 31, 2015.
It said that it had hired legal advisers to look into the "irregularities", first reported in August 2016.
Following the company's investigation into the interim dividend issue, the board has been told that the company's previous directors may have breached Section 403 of the Companies Act. The directors are: Mark Lim Chuan Lam, Bay Cheow Guan David, Pao Kiew Tee, Tan Chin Tiong and Leong Koon Weng.
"The board has reported the matter to the appropriate authorities. The board is also seeking legal advice on the company's right of recourse in relation to the interim dividend Issue."