Cordlife Group, on July 29, announced that its non-independent non-executive director Zhai Lingyun has been arrested by the Commercial Affairs Department in connection with the potential breaches of the company’s disclosure obligations.
Zhai has since been released on bail.
He would continue to serve the company’s board, as he has been overseeing and providing guidance on the ongoing work undertaken by the company to address the lapses identified by the Ministry of Health in relation to its Singapore operations.
Additionally, the board is also in the process of identifying additional independent directors to strengthen its capabilities and guide the management on effectively rectifying its lapses, aside from addressing corporate governance issues, lead the board on risk management and guide Cordlife on outstanding matters with the various regulators.
The company will continue to monitor the progress of the investigations and will update its shareholders with any material updates. Its operations will continue to operate as usual.
Shares in Cordlife closed flat on July 29 at 14.8 cents.
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