Tiong Seng lodges police report against subsidiary’s former managing director, his wife
Yong Jun Yuan
CONSTRUCTION group Tiong Seng Holdings has lodged a police report against the former managing director of its subsidiary, Robin Village Development (RVD), Michael Seah and his wife, Neo Kim Neo.
In a bourse filing on Tuesday (Aug 29), the company said that it conducted an internal investigation into the couple after it received a whistleblower report about Seah’s conduct.
It found that Seah and Neo, who served as RVD’s head of human resources and administration, had allegedly diverted business and profits to SW Metal & Construction, a company owned and controlled by their daughter.
Tiong Seng also discovered that Seah and Neo had allegedly wrongfully utilised RVD’s resources for personal gain, and to benefit SW Metal & Construction.
The company added that a preliminary estimate from the internal investigation puts the potential loss to RVD at approximately S$3 million.
Aside from lodging a police report on Aug 4, RVD has also instructed its lawyers to pursue claims and commence legal proceedings against Seah, Neo, their daughters and SW Metal & Construction for losses and damages arising from the alleged wrongdoing.
Seah stepped down as managing director on Sep 12, 2022, and remained as a technical adviser to RVD until Mar 25, 2023.
Shares of Tiong Seng closed flat at S$0.062 on Tuesday, before the filing was made.
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