More companies make disclosures on directors involved in investigations

Singapore

SEVERAL companies with directors involved in ongoing investigations issued disclosures on Monday in response to queries from the Singapore Exchange.

Most were related to Kelvin Tan, an independent non-executive director of Eagle Hospitality Trust (EHT), who also sits on the boards of several other companies.

Along with other current and former EHT directors, Mr Tan was on Oct 1 arrested and released on bail over suspected breaches of disclosure requirements on Section 203 read with Section 331 of the Securities and Futures Act (Chapter 289) of Singapore. None of the EHT directors has been charged in court.

In a regulatory filing on Monday, Global Investments Ltd (GIL) said Mr Tan, an independent director on the board, is still "suitable" to continue his role at GIL despite his involvement in the ongoing EHT investigation.

Mr Tan will continue as independent director of GlL as the investigation "has not compromised" the performance of his professional duties to the firm. "The investigation does not impinge on, or relate to, the character and integrity of Mr Tan."

The investigation is, as informed by Mr Tan, in relation to a potential failure by the board of EHT's managers to make a timely disclosure of material information, and "not an investigation on Mr Tan personally".

"Since his appointment to Global Investments' board, Mr Tan has conducted himself in an independent and professional manner, and has provided constructive and valuable input to the board," said the firm.

In a separate announcement on Monday, IReit Global announced that Mr Tan will also continue to serve as its independent director.

Mr Tan has been the independent non-executive director and chairman of the audit and risk committee since the listing of IReit in August 2014.

"Mr Tan has discharged his duties and responsibilities professionally and has acted with good character and integrity. He has continued to meet all the requirements expected of his appointment," said IReit.

Mr Tan is also on the board of Viking Offshore and Marine (VOM) as an independent director.

In a statement, VOM similarly announced that Mr Tan will keep his position amid the ongoing investigation, as it does not compromise the performance of his professional duties.

"It is in the interest of the company and its shareholders that Mr Tan remains as a director of the company," said VOM.

At media company UnUsUaL, where Mr Tan is a director and audit committee chairman, the group likewise said he will continue his duties amid the investigation.

In arriving at this decision, the group considered its past working relationship with Mr Tan as well as his track record.

"Mr Tan has a long and illustrious career spanning over thirty years in various industries, both in the public and private sectors, and in various senior management capacities," said UnUsUaL.

Separately on Monday, construction and property group OKH Global announced that its independent director Ng Kheng Choo, one of EHT's former directors who was arrested, will continue her duties on the board.

OKH Global does not, at this time, suggest an "adverse finding" on Ms Ng's character and integrity, and confirmed that her ability to exercise her function as an independent director remains "wholly unaffected".

Ms Ng is also the independent director at Catalist-listed ISOTeam since 2013. In a statement on Monday, the group said Ms Ng will continue her role as the board has presumed a person is "innocent until proven guilty in the court of law".

Tarun Kataria, another EHT director arrested, sits on the board of Mapletree Logistics Trust as director of the manager.

In a statement, the manager said the contributions of Mr Kataria are positive, and that he is suitable to continue as director.

Catalist-listed Ayondo - which is under investigation over a possible offence under the Securities and Futures Act (Chapter 289) - on Monday said its independent director Foong Daw Ching and non-executive director Foo Fatt Kah will continue to serve on the board.

There is "no reason" to question the suitability of the individuals to continue as directors of the company, as the investigation is still ongoing and no charges have been made against any person or entity to date, said Ayondo.

Both Mr Foong and Dr Foo have attended interviews with the market conduct investigations (enforcement department) of the Monetary Authority of Singapore (MAS) in conjunction with the Commercial Affairs Department (CAD).

Ayondo said there are no restrictions or conditions imposed by MAS or CAD on each of them. No travel documents were required to be retained.

Dr Foo also sits on the board of plant and terminal engineering specialist PEC Ltd as its lead independent director.

The firm on Monday noted that the investigation is not related to the group and does not affect its business and operations, adding that Dr Foo's performance of his duties at PEC will not be compromised by the investigation.

In another bourse filing, pharmaceutical firm Suntar Eco-City - where Mr Foong is an independent director - said there is "nothing at this juncture" to indicate that Mr Foong's ability to oversee and manage the affairs of Suntar as independent director would be compromised.

"It would be in the best interest of the company for Mr Foong to presently continue with his roles and responsibilities. The board is supportive of his continued service as independent director," said Suntar.

Mr Foong is also on the board of property developer Starland Holdings, where he will continue as independent director.

In a statement, Starland said given Mr Foong's experience in audit and corporate governance, he has always performed his duties professionally, contributed to constructive discussions in the board and board committee meetings, and acted in the best interests of the group.