FORMER Tee International : M1Z 0% chief financial officer and current CFO of OxPay Financial : TVV 0% Ng Kok Peng has been notified that he will be placed under arrest and released on bail.

In a bourse filing on Saturday (May 20), OxPay Financial said Ng has been notified by the Commercial Affairs Department (CAD) that it believes he has committed offences under the Securities and Futures Act 2001 while he was employed as Tee International’s CFO.

The offences fall under Section 203 and Section 331 of the Act. Ng was Tee International’s CFO from Nov 10, 2020, to Aug 18, 2021.

While no charges have been brought against Ng as at May 20, the company said that Ng will be placed under arrest and released on bail. He will also be required to surrender his passport. OxPay Financial’s board said that it understands that Ng was interviewed by CAD on Oct 27, 2022, and May 11, 2023.

The company’s nominating committee also noted that the potential offence relates to issues of late disclosure of information by Tee International and “does not at this time suggest an adverse finding on the character and integrity” of Ng.

It added that the issue does not compromise Ng’s capabilities as the company’s CFO, and that Ng’s arrest may not necessarily lead to charges being brought against him.

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As an additional safeguard, any transactions or settlement to be undertaken by the group and subject to Ng’s approval will be reviewed and jointly approved by the company’s managing director, Koh Jin Kit, or someone suitable appointed by the board.

In February 2022, SGX RegCo had issued a regulatory announcement on Tee International’s lack of prompt disclosure over letters of demand and claims for overdue trade-related payables that it and its subsidiaries had received.

These claims amounted to approximately S$38.8 million at the time of the announcement and accounted for more than or equal to 10 per cent of the group’s net asset value and cash and cash equivalent balances.

Shares of OxPay Financial closed flat at S$0.085 last Friday.