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
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Singapore shares open lower on Friday; STI down 0.1%
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2
Roku’s warning on ad-supported streaming competition clouds upbeat earnings
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard
ByteDance prefers TikTok shutdown in US if legal options fail: sources
CapitaLand Investment posts total revenue of S$650 million for Q1