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Serial System engages law firm to advise on Taiwan investigation
ELECTRONIC components distributor Serial System has engaged a "leading Taiwan law firm" to advise on the Taiwan authorities' request for its executive chairman and chief executive officer Derek Goh's assistance in investigations.
In a filing after the market closed on Tuesday, Serial System stressed that Dr Goh's roles and responsibilities are unaffected by the matter. The summons from the authorities was first 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, Dr Goh was in Hong Kong and unable to meet the Taiwan authorities, said Serial System. As of Tuesday, "neither Dr Derek Goh nor the company have received further information or requests to assist from the Taiwan authorities in respect of the Taiwan investigation".
Serial System added that to the best of its knowledge, Bull Will chief financial officer Grant Lo, former CEO Peter Ho and other personnel received summons and were interviewed by the Taiwan authorities, but could not disclose further information due to confidentiality laws.
The company has been advised by Taiwan legal counsel that Dr Goh appears to be a person under investigation. Based on media reports in Taiwan, this may be in connection with the investigation of Bull Will personnel, related to allegations of insider trading.
The company confirmed that the Taiwan investigation is not related to investigations by the Monetary Authority of Singapore on Dr Goh announced in 2015, regarding which no material updates have been received since Nov 16, 2015.No charges have been brought by the Taiwan authorities against Dr Goh, Serial System, Bull Will or any other party related to the company, and no one related to the company or Bull Will has been required to appear before a court.