Two IPC Corporation directors probed over Hyflux
This follows after CAD, ACRA and MAS launched a joint investigation.
Property investment company IPC Corporation has announced that its independent directors Teo Kiang Kok and Lee Joo Hai are being probed on Hyflux’s Tuaspring Integrated Water and Power project, an SGX filing revealed.
These two are the lead independent director and non-executive independent director of Hyflux, respectively. The Commercial Affairs Department, the Accounting and Corporate Regulatory Authority and the Monetary Authority of Singapore has launched a joint investigation on the potential lapses and possible accounting irregularities in the said project.
“The Board wishes to inform that the matter mentioned above is not related to the Company and the business and operations of the Group are not affected by the investigation and will continue as normal,” IPC Corporation said in the filing. “As at the date of this announcement, the Board opines that both Mr Teo and Mr Lee are able to fulfil their duties professionally as Independent Directors of the Company. “