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Tee International ordered to provide documents and assistance to CAD on ex-CEO's remittances

TEE International has been asked to furnish documents to the Commercial Affairs Department (CAD) and provide assistance in investigations, after it released a summary on former group chief executive having admitted to taking company funds for personal use.

The company in a regulatory filing on Wednesday said it had received an order dated March 4 to produce various documents to the white-collar crime buster.

The order came after the mainboard-listed company released on Tuesday an executive summary by its external investigator PricewaterhouseCoopers Risk Services, which looked into possibly unauthorised remittances in and out of the company in last two years.

It is required to provide the CAD access to the following information and/or documents:
a) Supporting documents for all remittances between the group and former CEO Phua Chian Kin and Oscar Investment, an offshore company he controls, that are the subject of the investigations conducted by the external investigator;
b) Minutes of the board of directors and audit committee meetings held from June 1, 2017 till date;
c) General ledgers of the group for the financial years 2018 and 2019;
d) Signing limits, authority and mandate given by the group to Mr Phua in respect of the group’s bank accounts during the period between June 1, 2017 and last August; and
e) All correspondence between Tee and the external investigator, its auditors, and its internal auditors in connection to the investigations.

Tee has also received a notice to provide assistance to provide access to the computer(s) containing any corporate e-mail accounts and instant messages or chats accounts assigned to Mr Phua, former group chief financial officer Yeo Ai Mei; and financial controller Tan Keng Hean.

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CAD took documents and items from the premises of the company on March 4.

"The business and operations of the company are not affected by the investigations, and will continue as normal. The company will monitor the progress of the investigations and make such further announcements as required," said Tee.

The counter closed 0.3 Singapore cents or 6.98 per cent down at S$0.04 on Wednesday, before Tee issued this statement on the investigations.

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