Police probe New Silkroutes over possible Securities and Futures Act breach

Annabeth Leow

Published Fri, Sep 25, 2020 · 02:35 PM

MAINBOARD-LISTED health-care provider New Silkroutes Group has been told to hand over information and papers for a police probe, the board disclosed on Friday night.

The CAD is reportedly looking into a possible offence under Chapter 289 of the Securities and Futures Act, which regulates activities and institutions in the securities and derivatives industry.

One of the directors, as well as some senior management and former management executives, are assisting the Commercial Affairs Department (CAD), the board said, without naming the people involved in the investigations.

It said in its statement that the group's business and operations have not been affected by the probe and will continue as usual, and added that the investigations are not expected to affect how management operates either.

New Silkroutes will co-operate fully with the CAD and the Monetary Authority of Singapore (MAS) and will give updates "as and when there are further significant developments on the matter", the board said.

It made its announcement a day after the company got a notice from the CAD and the MAS to produce "certain information and documents" for the probe.