Meta Health 5DX had commenced legal proceedings in the High Court of Singapore on May 24 against Dr Vas Metupalle, the former chief medical officer of the company’s wholly-owned subsidiary 5Digital.
On April 11, the company had lodged a police report in respect of alleged irregularities relating to certain sale transactions involving its wholly-owned subsidiary Gainhealth.
The company provided the relevant investigating officer of the Singapore Police Force (SPF) with additional information and related materials arising from its internal investigations on May 24.
Aside from Metupalle, the legal proceedings are also made against a former director of a subsidiary of the group and certain entities which are not part of the company — all allegedly involved in the deceit — to recover some of the company’s losses and wrongful payments made.
Meta Health and its legal counsel will cooperate fully with the SPF in their investigations and provide further updates to the shareholders of the company as and when there are any material developments.
The company says the suit may have an impact on the financial performance of the group for the financial year ending December 31 depending on its timing and outcome, as well as the amount which may be recovered.
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Shares in Meta Health traded flat on May 24 at 1.4 cents.
