Yangzijiang Shipbuilding’s independent director to assist in Tee International probe
Tee International is under investigation for potential listing rule breaches.
Yangzijiang Shipbuilding’s independent director, Teo Yi-Dar, was asked by the Commercial Affairs Department (CAD) to assist on its probe on Tee International's potential listing rule breaches.
Tee International, a construction engineering company, is under investigation for allegedly committing an offence under the Securities and Futures Act 2001 pursuant to provisions of the Criminal Procedure Code 2010.
Teo was summoned by the CAD since he serves as a non-executive, non-independent director of Tee International.
In a bourse filing, Yangzijiang Shipbuil’s board of directors said it has no further information about the investigation as it remains confidential, but said that Teo was already interviewed and “has not been asked to surrender his passport.”
The board also clarified that the investigation on Tee Intenrnatilan and Teo is not related to Yangzijiang Shipbuilding, and will not affect its business and operations.
Teo has also been able to fulfil his duties professional as the company’s independent director amidst the investigation, the board said.
“The company will continue to monitor and assess the situation and make such further announcement(s) as and when appropriate,” the board added.