Teho's independent director assisting with CAD's investigations involving New Silkroutes

Published Sun, Sep 27, 2020 · 09:24 AM

INDEPENDENT director of Catalist-listed oil and gas-related company Teho International, Kelvyn Oo, is assisting the Commercial Affairs Department (CAD) with investigations in relation to health-care provider New Silkroutes Group.

The CAD is reportedly looking into a possible offence under Chapter 289 of the Securities and Futures Act, which regulates activities and institutions in the securities and derivatives industry.

Mr Oo was formerly the executive director and chief corporate officer of New Silkroutes. He left on Aug 1 to pursue other opportunities, said Teho in a regulatory update on Sunday.

Teho said in its statement that the investigations is not related to the company and therefore will not affect its business and operations. It also said that as of the date of the announcement, the board is of the view Mr Oo's assistance in the investigation does not compromise him carrying out his professional duties as an independent director of the company.

New Silkroutes had on Friday disclosed that one of its directors and certain senior management and former management are also assisting the CAD in the investigation. The group had been told to hand over information and papers for a police probe, the board said in a regulatory update.

Shares of Teho International last traded at 4.7 Singapore cents while shares of New Silkroutes Group last traded at 15.5 Singapore cents.