SINGAPORE: Police have arrested Cordlife's former Group CEO Tan Poh Lan along with four directors, the company announced early Friday morning (Mar 22).
In a bourse filing, the company said it received a notice on Mar 19 from the police’s Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) requiring documents and information in connection with police investigations into an offence under the Securities and Futures Act.
“The company understands that the offence is in connection with potential breaches of the disclosure obligations of the company in relation to the irregular temperatures of a certain cryogenic storage tank of the company, which was first disclosed by the company in its announcement dated Nov 30, 2023,” Cordlife said in the filing.
Four directors have been arrested in connection with the investigations and released on bail. They are acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Jim Cheong Tuck Yan, as well as non-independent non-executive director Chow Wai Leong.
Former group CEO Tan Poh Lan, who resigned in October 2023, was also arrested and released on bail.
Chief Financial Officer Thet Hnin Yi has been asked to assist with investigations. She has not been arrested, the company said on Friday.
In addition, four directors who are currently not based in Singapore are required to attend a police interview on Apr 2 in connection with the investigations.
They are former chairman Joseph Wong Wai Leung, Mr Zhai Lingyun, Ms Chen Xiaoling and Mr Yiu Ming Yiu.
“At the time of this announcement, the company has received undertakings from all the directors, Ms Tan Poh Lan and Ms Thet Hnin Yi, to inform the Board of the ongoing Investigations and subsequent developments,” Cordlife said.
It added that it will cooperate fully with all regulatory authorities and update is shareholders. Its operations will also continue as normal, it added.
The Singapore-listed private cord blood bank has been under investigation after seven of its tanks storing cord blood units were exposed to temperatures above acceptable limits.
Cord blood units belonging to at least 2,150 clients were damaged, with another 17,000 clients possibly affected.
This was made public in November 2023 when the Ministry of Health (MOH) announced that investigations against Cordlife were ongoing. MOH had received a complaint from a member of the public on Jul 24 about alleged issues with a storage tank.
It later emerged that Cordlife's board knew of the issue in February 2023.
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In a bourse filing, the company said it received a notice on Mar 19 from the police’s Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) requiring documents and information in connection with police investigations into an offence under the Securities and Futures Act.
“The company understands that the offence is in connection with potential breaches of the disclosure obligations of the company in relation to the irregular temperatures of a certain cryogenic storage tank of the company, which was first disclosed by the company in its announcement dated Nov 30, 2023,” Cordlife said in the filing.
Four directors have been arrested in connection with the investigations and released on bail. They are acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Jim Cheong Tuck Yan, as well as non-independent non-executive director Chow Wai Leong.
Former group CEO Tan Poh Lan, who resigned in October 2023, was also arrested and released on bail.
Chief Financial Officer Thet Hnin Yi has been asked to assist with investigations. She has not been arrested, the company said on Friday.
In addition, four directors who are currently not based in Singapore are required to attend a police interview on Apr 2 in connection with the investigations.
They are former chairman Joseph Wong Wai Leung, Mr Zhai Lingyun, Ms Chen Xiaoling and Mr Yiu Ming Yiu.
“At the time of this announcement, the company has received undertakings from all the directors, Ms Tan Poh Lan and Ms Thet Hnin Yi, to inform the Board of the ongoing Investigations and subsequent developments,” Cordlife said.
It added that it will cooperate fully with all regulatory authorities and update is shareholders. Its operations will also continue as normal, it added.
The Singapore-listed private cord blood bank has been under investigation after seven of its tanks storing cord blood units were exposed to temperatures above acceptable limits.
Cord blood units belonging to at least 2,150 clients were damaged, with another 17,000 clients possibly affected.
This was made public in November 2023 when the Ministry of Health (MOH) announced that investigations against Cordlife were ongoing. MOH had received a complaint from a member of the public on Jul 24 about alleged issues with a storage tank.
It later emerged that Cordlife's board knew of the issue in February 2023.
Continue reading...