SINGAPORE – Former Tee International chief financial officer Ng Kok Peng has been notified that he will be placed under arrest and released on bail. He is currently the CFO of OxPay Financial.
In a bourse filing on Saturday, OxPay Financial said Mr Ng has been notified by the Commercial Affairs Department (CAD) that it believes he has committed offences under the Securities and Futures Act 2001 while he was employed as Tee International’s CFO.
The offences fall under Section 203 and Section 331 of the Act. Mr Ng was Tee International’s CFO from Nov 10, 2020, to Aug 18, 2021.
While no charges have been brought against Mr Ng as at May 20, the company said that he will be placed under arrest and released on bail. He will also be required to surrender his passport.
OxPay Financial’s board said that it understands that Mr Ng was interviewed by the CAD on Oct 27, 2022, and May 11, 2023.
The company’s nominating committee also noted that the potential offences relate to issues of late disclosure of information by Tee International and “does not at this time suggest an adverse finding on the character and integrity” of Mr Ng.
It added that the issue does not compromise Mr Ng’s capabilities as the company’s CFO, and that his arrest may not necessarily lead to charges being brought against him.
As an additional safeguard, any transactions or settlement to be undertaken by OxPay Financial and subject to Mr Ng’s approval will be reviewed and jointly approved by the company’s managing director, Mr Koh Jin Kit, or someone suitable appointed by the board.
In February 2022, Singapore Exchange Regulation issued a regulatory announcement on Tee International’s lack of prompt disclosure over letters of demand and claims for overdue trade-related payables that it and its subsidiaries had received.
These claims amounted to approximately $38.8 million at the time of the announcement and accounted for more than or equal to 10 per cent of the group’s net asset value and cash and cash equivalent balances.
Shares of OxPay Financial closed flat at 8.5 cents on Friday.
Trading in Tee International’s shares has been suspended since June 2021. THE BUSINESS TIMES