CPIB hauls Multi-Chem CEO, COO in for questioning; stock hits circuit breaker
Both executive directors have been asked to post bail, surrender passports and mobile phones
The Corrupt Practices Investigation Bureau (CPIB) visited Multi-Chem's headquarters and interrogated the company's CEO, chief operating officer, and two senior employees. Multi-Chem's shares experienced a significant drop of over 40 percent upon market opening on September 17 and triggered the Singapore Exchange's circuit breaker mechanism.
The company's audit and risk management committee (ARMC) disclosed that executives Foo Suan Sai and Han Juat Hoon were interviewed by the anti-graft agency. Both directors were asked to provide bail and surrender their passports and mobile phones. The committee, comprised of independent directors, was informed of the situation by Han Juat Hoon.
The organization has not been directly involved in the ongoing probe. CPIB officers also visited Multi-Chem's premises, seizing various documents, including financial records and agreements.
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