Ex Tee International CFO under CAD probe
OxPay, citing Ng, says that the potential breach of SFA took place while he was Tee International's CFO
Ng Kok Peng, a former CEO of Tee International, is under probe by the Commercial Affairs Department.
The white collar crime unit has "reasonable grounds to believe" that Ng has committed an offence under the Securities and Futures Act, states OxPay Financial, on May 20.
Ng is the current CFO at OxPay, a role he has held since August 19 2021.
He was at Tee International from Nov 2020 to Aug 2021.
Earlier, Ng was at KTL GLobal, Ley Choon Group and Oxley Holdings, whose chairman Ching Chiat Kwong controls OxPay as well.
According to OxPay, no charges have been brought against Ng as at May 20 but he is to be placed under arrest by CAD and be released on bail. He is to also be required to surrender his passport.
OxPay, citing Ng, notes that the potential offence took place while he was Tee International's CFO and thus nothing to do with OxPay. Ng was interviewed by the CAD on Oct 27 2022 and May 11.
According to OxPay, the investigation is believed to be a follow-up to the regulatory announcement dated Feb 17 2022 made by SGX RegCo relating to investigations commenced by SGX RegCo into potential listing rule breaches by Tee.
OxPay says its nominating committee, citing disclosures thus far, has not seen an "adverse" finding on the character and integrity of Ng nor does it compromise the capabilities of Ng as the CFO.
OxPay further notes that probe is still ongoing and that Ng has not been charged for any offence and his arrest may not necessarily lead to charges brought against him.
As such, OxPay believes that Ng remains suitable to continue as the company's CFO and believe that his continued appointment is in the interests of the group.
Nonetheless, as an additional safeguard, any transactions or settlements to be undertaken by OxPay which are subject to Ng's approval will be reviewed and jointly approved by managing director Koh Jin Kit, or another suitable person appointed by the board.
OxPay also stresses that the probe on Ng has nothing to do with the company and that its business and operations are not affected.
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