SG Talk

Prisca Ang
PUBLISHED OCT 21, 2021, 7:12 PM SGT


SINGAPORE - Several directors of embattled education services provider Raffles Education Corporation (REC), including chief executive Chew Hua Seng and his wife, Ms Doris Chung Gim Lian, have surrendered their passports as part of an investigation by the authorities.

The investigation relates to a suspected breach of disclosure requirements under Section 203 of the Securities and Futures Act, according to an exchange filing by REC on Thursday (Oct 21).

The Monetary Authority of Singapore and the Commercial Affairs Department on Tuesday (Oct 19) ordered REC to surrender documents relating to loans extended by Affin Bank to its Malaysian subsidiaries - Raffles K12 and Raffles Iskandar - in connection with the investigation.

Raffles K12 developed the Raffles American School, while Raffles Iskandar established Raffles University, which are both in Johor, Malaysia.

Several REC directors have been interviewed by the authorities here in relation to the investigations, REC said.

They are Mr Chew, lead independent non-executive director Lim How Teck, non-independent non-executive director Joseph He Jun, independent non-executive director Ng Kwan Meng, and independent non-executive director Gan Hui Tin.

Ms Chung, a director and key management executive of Raffles K12 and Raffles Iskandar, was also interviewed.


More details at: https://www.straitstimes.com/business/co...estigation

The couple are Malaysians?

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The Monetary Authority of Singapore and the Commercial Affairs Department on Tuesday (Oct 19) ordered REC to surrender documents relating to loans extended by Affin Bank to its Malaysian subsidiaries - Raffles K12 and Raffles Iskandar - in connection with the investigation.

Raffles K12 developed the Raffles American School, while Raffles Iskandar established Raffles University, which are both in Johor, Malaysia.

Cases like these put a spotlight on the roles, responsibilities and liabilities of Independent Non-Executive directors.

Independent Non-Executive directors are a creation of MAS and SGX as the Companies Act does not differentiate directors.

MAS' Code of Corporate Governance clearly draws the line of Independent Non-Executive directors from involvement with management of companies.

Warning to all Independent Non-Executive directors and wannabe, think twice, thrice before accepting appointment.

NO JAIL JUST FINE ONLY

This company clearly has has some governance issues for a long time, with the CEO remuneration grossly out of proportion with the company' profits.

Kill off Chew Hua Seng... Greedy bastard

(23-02-2022, 11:11 AM)starbugs Wrote: [ -> ]This company clearly has has some governance issues for a long time, with the CEO remuneration grossly out of proportion with the company' profits.

raffles edu CEO and Midas CEO are brothers right??? Birds of feather

(23-02-2022, 01:54 PM)kc172021 Wrote: [ -> ]raffles edu CEO and Midas CEO are brothers right??? Birds of feather

Fine only $5,000 for Midas CEO.

PAP seems to be encouraging such crimes.

Now, his family has proven the weakness in the System. 



If convicted for an offence under Section 157(1) of the CA, per Section 157(3) of the CA, Chew faces imprisonment for a term which may extend to a maximum of 12 months, or a fine of up to S$5,000.

Midas Holdings' former CEO charged under the Companies Act, Companies & Markets - THE BUSINESS TIMES

(23-02-2022, 02:25 PM)Ola Wrote: [ -> ]Fine only $5,000 for Midas CEO.

PAP seems to be encouraging such crimes.

Now, his family has proven the weakness in the System. 



If convicted for an offence under Section 157(1) of the CA, per Section 157(3) of the CA, Chew faces imprisonment for a term which may extend to a maximum of 12 months, or a fine of up to S$5,000.

Midas Holdings' former CEO charged under the Companies Act, Companies & Markets - THE BUSINESS TIMES

Oh no wonder they behave in this manner. $5000 is nothing as compare to those directors fees collected. He has his brother as a reference point. no sweat lah. like dont "cheat" also very wasted since is being "encouraged "

This stock was manipulated to almost $4 once.
Now it is 7cts.

(23-02-2022, 04:14 PM)sgbuffett Wrote: [ -> ]This stock was manipulated to almost $4 once.
Now it is 7cts.

Is this type of play common?

(23-02-2022, 02:32 PM)kc172021 Wrote: [ -> ]Oh no wonder they behave in this manner. $5000 is nothing as compare to those directors fees collected. He has his brother as a reference point. no sweat lah. like dont "cheat" also very wasted since is being "encouraged "

Based on the charges $5000 is correct. Because he was only charge for failing to do due diligence on subsidiary not fraud or dishonest conduct.

See below

The charge relates to Chew Hwa Kwang Patrick's "failure to exercise reasonable supervision over the financial affairs of Midas' subsidiaries",