EuroSports Global's chief executive under investigation by CAD
EUROSPORTS Global's executive chairman, chief executive officer and director Melvin Goh Kim San has "voluntarily agreed" to the suspension of his duties amid an investigation by the Commercial Affairs Department (CAD).
In a late-night filing on Thursday, the luxury car company said Mr Goh attended the office of the CAD on Aug 4 for an investigation under the Securities and Futures Act (Cap 289), which governs the regulation of activities and institutions in the securities and derivatives industry.
While CAD has retained Mr Goh's mobile phone as part of investigations, he has "voluntarily surrendered" his passport to the agency, said the group.
Further, EuroSports has been served with an order by the CAD and the Monetary Authority of Singapore (MAS) under Section 20 of the Criminal Procedure Code (Cap 68, 2012 Revised Edition), which requires the company to produce certain documents which the authorities need for the purpose of their investigation. The group said it will cooperate with the authorities in this regard.
It added that during Mr Goh's suspension, he will remain at the disposal of its board and the group to render advice on all ongoing projects.
Deputy chief executive Goh Kim Hup will take over as the interim executive chairman and chief executive from Mr Goh until further notice.
According to the group, its business and operations will not be affected and will continue as usual.
Shares of EuroSports were trading S$0.04 or 16 per cent lower at S$0.21 as at 3.12pm on Friday.
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