Cordlife Group, on March 27, announced that its chief financial officer (CFO) Thet Hnin Yi, has been arrested by the Commercial Affairs Department (CAD) in connection with the potential breaches of the company’s disclosure obligations. The news was first disclosed by the company on Nov 30, 2023.
Thet has since been released on bail.
She will also continue in her role as Cordlife’s CFO due to various reasons including her 17 years of experience with the organisation.
“[Thet] is very familiar with the historical and current financial numbers and information of the company, which will be useful to the Board in its decision with regards to ongoing matters facing the company,” says Cordlife in its March 27 statement.
She is also currently working with the external auditors to finalise the accounts for the FY2023 ending Dec 31, 2023.
In addition, Thet is the key person who has been liaising and managing responses to be sent to the regulators and works closely with the company’s legal advisors. She has also been “instrumental and proactive” in assisting the board with investigating and addressing the lapses identified by the Ministry of Health (MOH).
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“Based on the foregoing, the nominating committee and the board are of the view that Ms Thet will be able to continue to fulfil her duties professionally as the CFO, and will be able to continue to discharge her duties in an independent and professional manner,” says Cordlife.
“The nominating committee and the board are of the view that her continued presence in the capacity of CFO will be very relevant to the board as she will be able to share her experiences and deep financial knowledge that is very important to the board,” it adds.
