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TEE International calls for trading halt amid probe into unauthorised transactions
MAINBOARD-LISTED engineering group TEE International on Thursday morning requested an immediate trading halt, pending the release of an announcement.
The company had said in bourse filings in the days before that it was appointing an external independent investigator to look into unauthorised transactions totalling S$6.55 million allegedly made under the instruction of group chief executive and managing director Phua Chian Kin.
Those transactions were made by TEE International’s subsidiaries to related parties, from July 2018 to May 2019. During that period, there were also transactions from certain related parties to the subsidiaries.
TEE International’s board and executive committee were reportedly unaware of these remittances.
The company had said it would apply to the Singapore Exchange for an extension of time to hold its annual general meeting for FY2019 and to release its first-quarter results for FY2020.
Its shares were trading at 3.5 Singapore cents, up 0.4 cent or 12.9 per cent, as at 10.38am on Thursday.