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Serial System says CEO to continue in role, following review

The board of Serial System said on Friday it has no issues with Derek Goh continuing with his role on the board and as chief executive officer, following a review by its nominating committee (NC) at the request of the Singapore Exchange.

Dr Goh was called upon by the Taiwanese authorities in June 2018 to assist in certain investigations under the Securities and Exchange Act of Taiwan, and was similarly asked by the Monetary Authority of Singapore (MAS) to assist in investigations concerning the Securities and Futures Act in Nov 2015.

Serial System said that Dr Goh has sought clarification from Taiwan lawyers regarding his status in the Taiwan case, and understands that it is common for parties related to such matters to be referred to as "under investigation".

"It is therefore unclear whether Dr Derek Goh is the subject of investigation, or whether he is only assisting in the investigation," the company said.

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Dr Goh had also submitted a defense brief in Sept 2018 which requested an interview through telecommunication means, but has not received any reply from the Taiwan authorities to date. Without an interview with the authorities, he has limited information on the investigation.

The company noted that no action has been taken against Dr Goh by the MAS or the Taiwan authorities to date.

"Based on facts presented before us... and that the matters set out in the MAS announcements and the Taiwan announcements are at the investigative stage and no action has been taken against Dr Derek Goh, the NC is of the view that he is suitable to serve and should continue to serve as a director and executive officer of the company," Serial System said.

Serial System shares closed unchanged at 7.5 Singapore cents on Friday before the announcement.