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Serial System CEO receives second request from Taiwan authorities to assist with probe
SERIAL System's executive chairman and group chief executive Derek Goh has received a second request from the Taiwan authorities to assist with investigations under Taiwan's Securities and Exchange Act, the electronic components distributor said in a filing late on Wednesday night.
Mr Goh received the request from the investigation bureau of Taiwan's Ministry of Justice on Sept 12 and is seeking legal advice from Taiwanese legal counsel, said Serial System.
According to a previous filing on July 31, a first summons from the authorities was received by Taiwan-incorporated electronic components manufacturer Bull Will, in which Serial System has a 19.02 per cent stake, on June 21. At the time, Mr Goh was in Hong Kong and unable to meet the Taiwan authorities.
In the July 31 filing, Serial System said it had been advised by Taiwan legal counsel that Mr Goh appeared to be a person under investigation, and that based on media reports in Taiwan, this might be in connection with the investigation of Bull Will personnel related to allegations of insider trading. No charges had been brought by the Taiwan authorities against Mr Goh, Serial System, Bull Will or any other party related to the company, and no one related to the company or Bull Will had been required to appear before a court.
In Wednesday's filing, Serial System emphasised that its business and operations, as well as Mr Goh’s roles and responsibilities, "are not affected in any way by the matter and will continue as usual". It said it will make further announcements as and when there are any material developments.