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Tee International names new CFO after predecessor leaves amid probe

ENGINEERING firm Tee International on Monday night said it has appointed Ewe Tuck Foong as its chief financial officer (CFO) with effect from June 9. 

This comes after the mainboard-listed company ordered its former group CFO Yeo Ai Mei to leave in February this year, due to her "involvement in certain unauthorised payments".

Tee International's former group chief executive officer (CEO) Phua Chian Kin has since admitted to taking company funds to repay his own debts and satisfy margin calls between July 2018 and October last year.

In February this year, Tee International said that Ms Yeo had resigned after a nominating committee decided that her services should be terminated in view of her involvement in the unauthorised payments. This corrects the group's earlier statement that Ms Yeo was leaving to "dedicate more time to her personal commitment".

The group noted that Ms Yeo would serve a six-month notice and continue in her position as group CFO until a replacement has been appointed.

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In early March, the group announced that Mr Phua has been interviewed by the Commercial Affairs Department and that it had removed him from his post as director of the company and group.  

Subsequently on March 15, the group said it has implemented a slew of measures to tighten internal control policies and raise its level of corporate governance.

In the bourse filing on Monday, Tee International said Mr Ewe is a member of the Institute of Singapore Chartered Accountants, and a fellow member of the Association of Chartered Certified Accountants. 

"The board of directors, having considered the curriculum vitae, qualifications, experience and suitability of Mr Ewe, and with recommendations of the audit committee and nominating committee, approved the appointment of Mr Ewe as CFO of the company," Tee International said. 

Prior to joining Tee International, Mr Ewe served as CFO of HPC Holdings from October 2016 to April 2019.

As at 11.33am on Tuesday, shares of Tee International were trading at 3.1 Singapore cents, up 0.5 cent or 19.2 per cent. Some 40.6 million shares changed hands, making it one of the most heavily traded counters by volume after Sembmarine and Sembcorp Industries.

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