Raffles Education board responds to investigation, Oei allegations
MAS and CAD lead the investigation.
Raffles Education announced they received a joint order from the Monetary Authority of Singapore and the Commercial Affairs Department on 19 October.
The order required the company to provide documents relating to the loan facilities extended by Affin Bank to Raffles K12 and Raffles Iskandar in connection with an investigation into a potential offence under the Securities and Futures Act. It also required interviews from Chairman and CEO Chew Hua Seng as well as directors Lim How Teck, Joseph He Jun, Ng Kwan Meng, Gan Hui Tin, and Doris Chung Gim Lian. All persons concerned surrendered their passports to the authorities whilst the investigation is ongoing.
The board also responded to the letter issued by Oei Hong Leong dated 16 October. It said Chew "hired all his adult family members at high salaries" and Chew himself paid for his salary, bonuses, profit-sharing, and perks. They noted the allegations were unfounded, and they asked Oei for an explanation of his allegations.
In the interim, the individuals will continue to serve as directors and executive officers of the company as may be applicable.