RAFFLES Education broke down chief executive and chairman, Chew Hua Seng's remuneration in the latest responses to the Singapore Exchange Regulation's (SGX RegCo) queries.

In a bourse filing during the midday trading break on Friday (Oct 29), the private school operator revealed that Chew was paid a S$1 million base salary, S$1.8 million in profit sharing, of which S$90,000 was not provisioned for. This brings his total remuneration of salary and profit sharing to S$2.9 million, which was disclosed in the S164A disclosure.

SGX RegCo had queried the counter on the under-provision of S$100,000, which was explained as S$90,000 in profit sharing for Chew which wasn't provisioned for. This amount was deemed not material and not recorded in the profit sharing due to him.

On why former non-executive director Liu Ying Chun was disclosed as an employee. Raffles Education maintains that he is an employee.

Liu was part of the policy making and planning exercises concerning the private school operator's investments in China, as well as acting as the chairman and legal representative of Wanbo Institute of Science and Technology. But he was not part of the executive team or engaged in day-to-day operations.

As Liu was seconded to Hong Kong-listed Oriental University City Holdings (OUCHK), his main duties did not involve him in the executive functions of Raffles Education. In these circumstances, when he was appointed as a director, the company viewed him as a non-executive director of the company.

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Raffles Education also paid Liu's salary rather than his employer OUCHK as the company deems it appropriate that it bear Liu's employment costs due to his secondment and involvement in policy making and planning exercises in Raffles education's investments in China.

Liu's salary as chief executive of OUCHK, S$60,079, was also borne by Raffles Education and paid by its other business unit, Langfang Development Zone Oriental University City, which is a wholly-owned subsidiary of OUCHK.

The company also listed out that Chew has extended an additional S$3.28 million in cash loans to the company in FY21 and has repaid him S$6.3 million in the same financial year.

Separately, in a letter viewed by The Business Times and addressed to the board of directors and Lim How Teck, the lead independent director of Raffles Education, businessman Oei Hong Leong claims that he no longer owns any shares in the company.

The counter traded down by S$0.003 to S$0.077 when market closed on Oct 29.

READ MORE:

• Raffles Education not exiting education; suggests shareholders ask Oei Hong Leong about 'feud' with CEO

• Tycoon Oei Hong Leong further sells stake in Raffles Education; now owns less than 1%

• Loan from CEO Chew Hua Seng was for building of campus in China: Raffles Education

• MAS, CAD investigating disclosure issues at Raffles Education; company refutes claims by Oei Hong Leong