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Union Gas names Teo Hark Piang as new CEO

UNION Gas Holdings on Thursday evening named Teo Hark Piang as the new CEO of the group, following his appointment as an executive director and director of sales (commercial and industrial) last November.

Mr Teo, 41, is the son of Teo Kiang Ang, the non-executive chairman and controlling shareholder of the fuel products provider. 

According to disclosures made to the Singapore Exchange, the younger Mr Teo holds directorship at Union Energy Corporation (UEC), and has 12.55 per cent shareholding interest in the gas manufacturer.

Union Gas' board, however, does not consider UEC to be a direct competitor because both companies serve different types of customers. Mr Teo has also not been involved in the day-to-day operations of UEC Group since November 2018.

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Disclosures also showed that the younger Mr Teo has been investigated before and paid S$117,000 in penalties to the Inland Revenue Authority of Singapore (Iras) for omitting certain income items for the years of assessment from 2004 to 2009 while he was a director at Semgas and Gasmart Pte Ltd.

In addition, he also had to pay a penalty for not declaring car benefits for the reporting to Iras from 2004 to 2009, which he settled in 2012.