Serial System chairman steps down for 24 months following "conditional warning"

SERIAL System said on Tuesday that its executive chairman and director, Derek Goh Bak Heng, has relinquished his directorship in the company for a period of 24 months.

In a bourse filing, the company said that it has been informed that Dr Goh has been given a "conditional warning" by the Monetary Authority of Singapore (MAS) following the completion of investigations.

It added that Dr Goh will "step down as director of companies for a period of 24 months".

In Nov 2015, Serial Systems had announced that Dr Goh was the subject matter of investigations by MAS, and the investigation concerned sections 197 / 198 of the Securities and Futures Act.

Serial System said on Tuesday it "has been informed that the MAS has completed its investigations and the matter is now closed".

While Dr Goh will not be a director of the company or its subsidiaries and associated companies during the 24-month period, he will continue to be the group chief executive officer of Serial System.

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The group's chief operating officer, Goh Su Teng Sean, who is Dr Goh's cousin, has been appointed to the board as an executive director.

Meanwhile, independent non-executive deputy chairman, Teo Ser Luck, will assume the position of acting independent non-executive chairman.

Serial System shares rose 0.8 per cent on Tuesday to close at S$0.12, before the announcement.