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23-02-2022, 09:27 AM
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
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
