New Lakeside ex-CFO pleads guilty; fined S$80,000, gets 3-year directorship ban
Oh Gim Teck failed to inform independent directors about the need to disclose information to SGX on unit's loans
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Singapore
FORMER New Lakeside Holdings chief financial officer (CFO) Oh Gim Teck has been fined S$80,000 and banned from holding any company directorship for three years for his role in the firm's breach of the Singapore Exchange's (SGX) disclosure rules. Oh pleaded guilty to one charge under the Securities and Futures Act on Thursday before District Judge Jasvender Kaur.
Oh was New Lakeside's acting CFO from October 2004 to February 2007, and CFO from February 2007 to June 2010. He resigned in June 2010. The deputy public prosecutor handling the case was Hon Yi. Oh was defended by Melvin Lum and Russell Pereira of Wong Partnership.
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