Raffles Education’s chairman and CEO Chew Hua Seng, along with lead independent non-executive director Lim How Teck, non-independent non-executive director Joseph He Jun, independent non-executive director Ng Kwan Meng and Doris Chung Gim Lian, a director and key management of Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd, have been arrested by the Commercial Affairs Department (CAD).
On Feb 21, Raffles Education announced that the individuals were notified to attend the CAD’s offices to effect their formal arrest and posting and release on bail.
The bail amount for each person has been set at $30,000.
The arrest was made in relation to the investigations in relation to a claim by Affin Bank Berhad against some of the company’s subsidiaries, including Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd.
The investigations are still ongoing and none of the company’s directors has been charged for any offence.
According to Raffles Education, the directors involved have cooperated with the authorities and will continue to do so.
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They will continue to serve as directors and, or executive officers of the company in the meantime.
As at 9.13am, shares in Raffles Education are trading 0.1 cent lower or 1.35% down at 7.3 cents.
Photo: Raffles Education
