Tee Int'l needs to step up corporate governance
Key figures during time of questionable transactions still hold key posts; issues of internal control and risk management remain.
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ON MARCH 3, 2020, Tee International Limited (TIL) released a 13-page Executive Summary of the External Investigator's Report on the questionable transactions involving its controlling shareholder and former group chief executive (GCE) and managing director (MD), Phua Chian Kin (PCK). The investigation was undertaken by PricewaterhouseCoopers Risk Advisory Services (PwC).
The PwC investigation was commissioned following the company's announcement on Sept 4, 2019 that it had identified unexplained remittances of monies involving PCK, two key subsidiaries of TIL - Trans Equatorial Engineering (Trans) and PBT Engineering (PBT) - and Oscar Investment, a British Virgin Islands-incorporated company which is wholly and beneficially-owned by PCK.
The transactions investigated by PwC occurred between July 19, 2018 and Aug 29, 2019. During that period, the board was chaired by 81-year old independent director (ID) Bertie Cheng Shao Shiong, and comprised three other IDs and three executive directors (EDs) - PCK, his brother Phua Boon Kin (PBK) who was deputy MD, and Ms Saw Chin Choo.
