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Serial System CEO 'appears to be a person under investigation' in Taiwan
ELECTRONICS components distributor Serial System said its executive chairman and group chief executive Derek Goh Bak Heng, who had been called upon by the Taiwanese authorities to assist in certain investigations under the Securities and Exchange Act of Taiwan on June 28, is under investigation.
In a filing with the Singapore Exchange during lunch break on Thursday, Serial System said: "Taiwan legal counsel has just advised the board that Dr Derek Goh appears to be a person under investigation.
"The investigations concern Bull Will Co Ltd, a company incorporated in Taiwan, in which the company owns a 19.02 per cent equity stake with a book value of US$0.8 million as at March 31, 2018."
Bull Will manufactures and sells electronic components in Taiwan.
"The board of directors wishes to emphasise that the business and operations of the company and Dr Derek Goh’s roles and responsibilities as executive chairman and group CEO therein are not affected in any way by the matter and will continue as usual," the company added.
Serial System said it will make further announcements as and when there are any material developments on the matter.
Its shares last traded on July 4 at S$0.149.