Teho director resigns amid CAD probe involving New Silkroutes

Mon, Oct 19, 2020 – 9:41 AM

TEHO International independent director Kelvyn Oo, who is assisting with the Commercial Affairs Department’s (CAD) investigation involving another company, resigned on Friday.

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Mr Oo, 49, quit due to a “change of personal focus to spend more time on community work and professional career development”, said Catalist-listed Teho in a bourse filing on Friday night.

He was also the chairman of the firm’s nominating committee and member of the audit committee and remuneration committee.

Last month, Teho disclosed that Mr Oo is assisting with a CAD probe in relation to mainboard-listed healthcare provider New Silkroutes, where he had been executive director and chief corporate officer until he left on Aug 1.

The CAD is looking into a possible offence under Chapter 289 of the Securities and Futures Act. New Silkroutes has said it understands that the alleged offence is false trading and market rigging in view of past share buybacks and share purchases.

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Also assisting with the investigation are New Silkroutes’ former chairman Goh Jin Hian and former finance director, who both quit last week.

The probe is not related to Teho and therefore will not affect its business and operations, Teho had said earlier.

Teho, which provides solutions for the marine, offshore, construction and real estate industries, on Friday said it is identifying a suitable candidate to replace Mr Oo, and will fill the vacancy in its audit committee by Jan 16, 2021.

“Notwithstanding the above, the company confirms that the audit committee is able to function effectively for the time being,” it added.

Shares of Teho last traded at 4.5 Singapore cents on Oct 15.



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