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Passport of Sen Yue non-executive chairman impounded amid CAD probe

Passport of Sen Yue non-executive chairman impounded amid CAD probe

Source: Business Times
Article Date: 04 Feb 2021
Author: Vivienne Tay

The move came after Sen Yue chief executive and executive director Neo Gim Kiong, and audit committee chairman Chim Suan Kit Mark filed a report with the CAD on Jan 5 over matters highlighted in a recent independent review.

Catalist-listed Sen Yue Holdings on Wednesday said the passport of its non-executive chairman Koh Mia Seng has been impounded.

However, the waste-management group understands that he has not been formally charged or arrested by the Commercial Affairs Department (CAD), it said in a bourse filing.

The CAD did not impose other restrictions or conditions on Sen Yue's employees, executive officers or directors, the group added. It has requested Mr Koh to keep the board updated on the progress of the investigations.

On Jan 27, Sen Yue announced it was ordered by the CAD to produce certain documents and information for the financial years ended Sept 30, 2015 to 2020.

The move came after Sen Yue chief executive and executive director Neo Gim Kiong, and audit committee chairman Chim Suan Kit Mark filed a report with the CAD on Jan 5 over matters highlighted in a recent independent review.

The review, conducted by Foo Kon Tan Advisory Services (FKT), supposedly found that customers of Sen Yue's wholly-owned subsidiary SMC Industrial (SMCI) had ties to Mr Koh.

SMCI provides industrial waste solutions in Asia, with a niche in electronic-waste management and recycling solutions.

Mr Koh was suspended from all executive functions on Jan 8 and redesignated as non-executive chairman on Jan 13. Mr Neo took over Mr Koh's duties and responsibilities in the group.

The board said it is preparing an update to shareholders about the FKT report findings, an executive summary and Mr Koh's responses. It will release a further announcement on the matter.

Sen Yue called for a trading halt in April 2020, before converting it to a suspension in May. Its shares last traded at 2.2 Singapore cents on April 27.

Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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