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More execs from Raffles United provide bonds to CAD over potential breaches
RAFFLES United Holdings provided further updates on Monday that several of its top executives have provided a bond to report back to the Commercial Affairs Department (CAD), regarding potential breaches of the Securities and Futures Act.
Its managing director, Teo Teng Beng, was interviewed by the CAD on 12 June and 14 June, while Ho Hui Min, the CFO and head of corporate of the company, was interviewed by the CAD on 6 June.
Koh Hai Yang, an executive director and business development director of Raffles United’s subsidiary, KHPL, and Kwek Che Yong, adviser to KHPL and deemed substantial shareholder of the company, also provided a bond to report back to the CAD.
Goh Lai Hock, manager, regional business (bearings) of KHPL, and Faith Kristine Dominguez Suarez, the assistant finance manager of the company, were both interviewed by the CAD.
The passport of Koh Hai Yang, business development director of KHPL, was released by the CAD following the provision of the bond for the purposes of overseas travel.
The company said that it will continue to extend its fullest cooperation to CAD in its investigations. The business and operations of the group are not affected by the investigations and will continue as normal, said Raffles United.