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Tee International CFO quits in view of 'involvement in unauthorised remittances'
TEE International has clarified that its group chief financial officer (CFO), Yeo Ai Mei, 48, has resigned in view of her "involvement in unauthorised remittances", the mainboard-listed engineering group said in a bourse filing on Saturday.
The group previously said on Feb 27 that Ms Yeo was leaving to "dedicate more time to her personal commitment".
Prior to Jan 30, the group's executive committee decided that in view of her involvement in the unauthorised remittances, the company would terminate Ms Yeo's services once the report by external investigator, PricewaterhouseCoopers Risk Services, is released.
On Feb 14, the group's nominating committee further decided that the company would ask Ms Yeo to leave, or the company would terminate her services, without waiting for the release of the PWC report, Tee International noted.
Accordingly, Ms Yeo tendered her resignation.
Shares in Tee International closed at 4.4 Singapore cents on Friday, down 0.2 cent or 4.4 per cent.