Tee International ordered to provide various documents to CAD

TEE International M1Z : M1Z 0%on Friday (Feb 18) said it received an order on Feb 17 to produce various documents to the Commercial Affairs Department (CAD) to assist with an investigation regarding an offence under the Securities and Futures Act (SFA).

The new development comes just 1 day after the Singapore Exchange said it reported the mainboard-listed engineering group to relevant authorities for potential offences under the SFA. The bourse operator is also investigating the company for potential listing rule breaches.

All of Tee International's independent directors, its non-executive director and the managing director of its engineering and construction business were also asked to assist with CAD's investigations, the company said in a bourse filing. They have been interviewed by the CAD on Feb 17 and Feb 18.

"None of the current directors or management personnel has been asked to surrender their passports," Tee International noted.

Under the CAD order, Tee International must provide CAD access to certain information and/or documents about the company and its subsidiaries related to claims made against them - including documents and correspondences.

The company must also produce financial and accounting computations and records, as well as the meeting minutes of the board and certain committees of the board. Corporate emails belonging to and IT equipment used by certain current and former directors and financial personnel will also need to be handed over.

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CAD's investigations appear to relate to matters which occurred during the Jan 1, 2020, to Jul 31, 2021 period, Tee International said. It added that the group's executive directors and key management personnel present during that period have since resigned.

"Additionally, the current management and board have taken steps to ensure that improvements are made and proper procedures are put in place to monitor the claims received by the group and to escalate the same to the current board," the company said.

It does not expect the investigations to affect the group's ongoing debt restructuring exercise or its business and operations as they relate to past matters.

Shares of Tee International last traded at S$0.032 on Jun 15, 2021. The company had requested for a voluntary trading suspension, as it was reviewing its existing business amid a significant loss reported for its fourth quarter ended May 31, 2021.

READ MORE:

• SGX RegCo reports Tee International for late disclosure of claims
• SGX committee raps Tee International and its former C-suite execs for breaching rules
• Tee International to raise up to S$14m from 2 investors; announces debt restructuring
• Tee International to wind up Trans Equatorial Engineering on cash flow issues
• Tee International ex-CEO interviewed by CAD, removed from director post
• Tee International CFO quits in view of 'involvement in unauthorised remittances'