Laws may have been broken at Tee International: PwC
It says former group CEO admitted to taking company funds to repay his own debts as well as satisfy margin calls
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Tay Peck Gek
Singapore
MAINBOARD-LISTED company Tee International has released its external investigator summary, which reported that former group chief executive Phua Chian Kin had admitted to taking company funds to repay his own debts as well as satisfy margin calls.
PricewaterhouseCoopers Risk Services, in a 13-page executive summary released by Tee on Tuesday, also noted that Singapore Exchange (SGX) Rules and the Companies Act may have been breached due to Mr Phua's actions including ordering remittances in and out of the company's coffers - if done without shareholders' approval.
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