Lin Yucheng, executive chairman and CEO of Leader Environmental Technologies, is under probe the Singapore authorities for possible insider trading.
Besides Lin, the company’s deputy chief technology officer, Guo Chenghong, is similarly investigated by the Commercial Affairs Department and the Monetary Authority of Singapore.
Both men have been asked to surrender their passports as “there had arisen reasonable grounds for believing that they had committed an offence,” the company states.
Their mobile devices and computers have been seized as well.
The company’s nominating committee believes that as the probes are still on-going and no formal charges pressed against either Lin or Guo, they should continue with their duties to ensure business continuity.
“The business and operations of the group are not affected by the abovementioned investigations and will continue as normal,” the company adds.
Leader Environmental Technologies shares, which has been halted pending this announcement, last traded at 11 cents, and is up 17.22% year to date.
