Raffles Education director Lim How Teck to take leave of absence as Heliconia chairman

HELICONIA Capital chairman Lim How Teck is taking a leave of absence from his role at the Temasek unit, after his arrest in his capacity as lead independent director of Raffles Education Corp.

"Mr Lim has offered, and the board has agreed, that it would be in the best interests of the company for him to take a leave of absence from his duties as chairman while the matter is being dealt with," a Heliconia spokesperson said, in response to queries from The Business Times.

Heliconia board member Koh Poh Guan will take over as acting chairman in the interim.

Lim, who has been released on bail, is one of 5 Raffles Education directors notified of their arrest on Monday (Feb 21), following investigations into the company by the Monetary Authority of Singapore and Commercial Affairs Department (CAD). The probe is related to a claim by Affin Bank against some units of the company that manage schools in Malaysia.

The directors were asked to attend the CAD's offices to effect their formal arrest, Raffles Education had disclosed in a Tuesday bourse filing. Bail was set at S$30,000 for each director.

On the investigation into Raffles Education, the Heliconia spokesperson said that "it would not be appropriate for us to make further comments nor any presumptions in relation to Mr Lim, but respect that the due processes of the law are followed."

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Under the bail conditions, Lim and the other Raffles Education directors have to routinely assist the CAD in investigations. They may travel outside of Singapore if they have obtained clearance beforehand. None of the directors have been charged for any offence, as per the Tuesday bourse filing.