SHIPPING & MARINE | Staff Reporter, Singapore

Swiber-linked Vallianz directors under CAD probe

Management says the investigation is not related to the company.

In an SGX filing, Vallianz Holdings said that it has been informed by two of its non-executive directors, Yeo Jeu Nam Yeo Chee Neng, that they were investigated by the Commercial Affairs Department (CAD) in relation to Swiber Holdings Limited.

Mr Yeo Jeu Nam, non-executive and independent director of the company, was interviewed by CAD in his capacity as lead independent non-executive director of SHL and was, between 30 November 2016 and 2 December 2016 (both dates inclusive), released on bail in relation to alleged infringements under Section 199 of the Securities and Futures Act (Chapter 289 of Singapore).

Vallianz was also informed that the investigations are still on-going and that no formal charges have been brought against him.

Mr Yeo Chee Neng, non-executive vice chairman of the company, was also interviewed by CAD in the course of the investigations in his capacity as the ex-group chief executive officer and ex-executive director of SHL.

Vallianz was also informed that Mr Yeo Chee Neng was not placed on bail.

Vallianz noted that the matters mentioned above are not related to the company and the business and operations of the group are not affected by the investigations and will continue as normal.

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