WHAT started out as a feud between a company's chief and a former shareholder has escalated into an investigation and several arrests.

Mainboard-listed Raffles Education Corporation (REC) has been entangled since 2020 in a dispute between former substantial shareholder Oei Hong Leong and the company's chairman and chief executive Chew Hua Seng.

The company also came under fire for failing to disclose a writ and statements of claims filed by Affin Bank in May in Malaysia's High Court. Since then, 5 of its directors have been arrested in Singapore. The Business Times breaks down events of note in Raffles Education's past.