Multi-Chem says CEO, COO ‘suitable to continue’ as company directors
It adds that they will continue to perform their executive functions and responsibilities in full
Multi-Chem, a Singapore-listed IT distribution firm, announced on Sep 22 that its CEO and COO will continue in their roles despite being under investigation by the Corrupt Practices Investigation Bureau (CPIB). The two executives, Foo Suan Sai and Han Juat Hoon, were among four senior employees interviewed by the bureau after Multi-Chem revealed the probe on Sep 17.
Following the disclosure, the company's market capitalization plummeted by S$200 million, or half of its value. Multi-Chem's audit and risk management committee stated that the executives will perform their executive functions and responsibilities in full, and that their roles as founders of the group necessitate their continued involvement to ensure continuity in operations.
An executive director and general manager, Foo Fang Yong, has been tasked with assuming an increased management role if necessary. Other senior employees, Pui Boon Tiong and Ker Jian Yan, are assisting the board with the investigation. The nature of the probe remains undisclosed, and none of the directors are aware if the company or any subsidiaries are under direct CPIB investigation.
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