October 16, 2020, 11:41 AM
New Silkroutes Group chairman Goh Jin Hian has resigned.
His resignation was announced by the mainboard-listed group.
The finance director of the group, William Teo Thiam Chuan, has also quit.
Both men are assisting the Singapore Police's Commercial Affairs Department with investigations.
Their departures are with immediate effect.
Goh quit "to devote more time to his personal affairs", while Teo stepped down "to focus on personal matters and to pursue other interests", the healthcare group said in separate filings with the Singapore Exchange late on Thursday night, Oct. 15.
Goh had slightly over a week ago resigned as chairman of Cordlife Group, a separate listed company.
Cordlife announced that Goh has also resigned as an independent director with immediate effect.
Goh was New Silkroutes non-independent and non-executive chairman.
Goh is the son of former Singapore prime minister Goh Chok Tong.
Sued by other firm
On Thursday morning, New Silkroutes had announced that its auditor Deloitte & Touche had issued a disclaimer of opinion on the financial statements of the group for the financial year ended June 30.
Goh and Teo were investigated by the CAD over a possible offence under the Securities and Futures Act.
New Silkroutes said on Sep. 30 it understands that the alleged offence is false trading and market rigging to do with past share buy-backs and acquisitions of shares.
Goh is also being sued by the judicial managers of an unrelated firm over US$156 million (S$212.2 million) in losses it sustained due to his alleged breach of duties when he was its director.
The other firm is oil trader Inter-Pacific Petroleum.
Goh was New Silkroutes CEO from July 2015 till Oct. 1, 2020.
He took over as chairman in a move announced in July.
Kelvyn Oo Cheong Kwan, New Silkroutes' former chief corporate officer and executive director, is the third person from the group assisting with the CAD probe.
He had resigned from the company on Aug. 1 to "pursue personal interest and other opportunities".
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