‘No further action’ by CPIB against Nam Lee MD over whistle-blower report

[SINGAPORE] The Corrupt Practices Investigation Bureau (CPIB) will take “no further action” against the managing director of Nam Lee Pressed Metal Industries over a whistle-blower report filed against him, said the mainboard-listed company on Thursday (Jan 8).

The CPIB interviewed Eric Yong, the group’s managing director, over the report, which contained certain undisclosed allegations against him, the metal manufacturer said in October.

“The board wishes to inform shareholders that Eric Yong has informed the chairman of the nominating committee that the CPIB has advised Eric Yong that no further action will be taken against him,” said Nam Lee in an update to the case on Thursday.

The news comes ahead of an extraordinary general meeting (EGM) scheduled to be held at 10 am on Friday to remove Nam Lee’s chairman and executive director, Joanna Yong.

Two of the company’s shareholders, who hold a combined stake of at least 10 per cent, had requisitioned an EGM to remove Joanna Yong, who is Eric Yong’s cousin, as a company director, Nam Lee disclosed on Nov 21.

The company said on Nov 4 that the two shareholders, Yong Kin Sen and Yong Poon Miew, did not provide any rationale for the proposed removal of Joanna Yong as a company director. This was in response to queries from other shareholders ahead of the EGM.

Shareholders had also submitted queries on why the requisition was targeting Joanna Yong, and whether it was linked to issues of governance or strategic or operational disagreements within the board, or the Yong family shareholders.

Another member of the Yong family, Adrian Yong, is an executive director of the company and the cousin of Eric Yong.

Nam Lee called for a trading halt on Thursday morning before the announcement, which has since been lifted.

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Allegations against Eric Yong covered in the CPIB interview appear to concern the “same issues and line of allegations” raised earlier in a separate whistle-blowing report, said the company in a bourse filing on Oct 31, 2025.

In the financial year ended September 2024, Nam Lee’s audit committee received the earlier report, which “merited investigation”.

The case was referred to internal auditors, who “concluded that nothing has surfaced or so to indicate the need for more comprehensive or further investigation”.

However, the internal auditors uncovered procedural lapses and control gaps in operational matters during their investigation and reported these matters to the audit committee, which in turn highlighted the issues to management.

All required remedial actions which were recommended by the internal auditor, RSM SG Risk Advisory, were “substantially implemented” as at Oct 31, 2025, the Nam Lee bourse filing stated.

In view of these developments, the independent directors decided that the 2024 whistle-blowing report was “adequately addressed” by the review and warranted no further action, and the investigation was concluded.

Nam Lee noted in October that Eric Yong, a member of the nominating committee, had recused himself from the committee’s deliberations and decisions in view of the CPIB interview.

Adrian Yong, also a member of the nominating committee, had also recused himself from its deliberations and decisions due to the matter.

The company noted that the CPIB had not charged Eric Yong nor impounded his passport.

Shares of Nam Lee closed at S$0.64 on Thursday, down 0.8 per cent or S$0.005.