Chairman Edward Lim Chin Wah and managing director Yap Tin Foo of Starburst Holdings are currently on bail amidst an ongoing investigation by the Corrupt Practices Investigation Bureau (CPIB), according to an announcement by the company on the Singapore Exchange (SGX).
The duo were interviewed by the CPIB on Nov. 12, in connection with Starburst Engineering Pte Ltd, a wholly-owned subsidiary of Starburst Holdings.
According to the company's website, Starburst Holdings is a company specialising in designing and engineering firearms-training facilities, as well as the manufacturing and maintenance of shooting ranges for various law enforcement, military and security agencies and civil authorities throughout Southeast Asia and the Middle East.
Senior project manager also on bail
Apart from Lim and Yap, other members of Starburst Holdings who were also interviewed on the same day included its chief financial officer, Wu Guangyi, and senior project manager Ng Eng Long Josiah Lawrence.
Ng is also out on bail.
Yap's passport has been retained, while Ng's passport has been requested to be provided on Nov. 16.
Issue is not related to current projects
The announcement further clarified that the matter was not related to any of the company's ongoing projects:
"The Board wishes to inform that the aforementioned matter is not related to the current projects of the Group, and accordingly does not affect the business and operations of the Group."
It added that the company's board was unable to provide further details at moment as a result of CPIB's ongoing investigation.
Chairman and managing director will continue with their responsibilities
In the meantime, Starburst Holdings' board has voiced its view that Lim, Yap and Ng should continue with their responsibilities in the operation of the company and its subsidiaries to ensure business continuity.
Both the chairman and managing director have since recused themselves from the board, which added that it will re-assess its position where appropriate in due course.
Company and subsidiaries recorded a profit of S$2.1 million in the third quarter of 2020
According to its latest business update on Oct. 28, Starburst Holdings and its subsidiaries recorded a net profit of S$2.1 million in the third quarter of 2020, in comparison to a net loss of S$0.7 million in 2019 for the same period.
Revenue for the three months to Sep. 30, 2020, rose by 80.5 per cent to S$4.8 million, from S$2.6 million in the same period last year.
The update elaborated that this was due largely to the commencement of design work for a firearm shooting range and a tactical training mock-up project in Southeast Asia, and design and fabrication works for a firearm shooting range project in the Middle East.
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