Multi-Chem says CEO, COO to stay put for now amid CPIB probe
Their continued involvement ensures continuity as they are ‘intimately familiar’ with its business
Multi-Chem, a Singapore-listed IT distribution company, disclosed on Tuesday that its CEO and chief operating officer (COO) will continue to serve in their executive roles despite being interviewed by the Corrupt Practices Investigation Bureau (CPIB) as part of a corruption probe. Foo Suan Sai, the CEO, and Han Juat Hoon, the COO, will retain their positions and responsibilities.
According to the nominating committee, the two founders are "intimately familiar" with the company's operations, which justifies their continued involvement in Multi-Chem's affairs. Two other senior employees, Pui Boon Tiong and Ker Jian Yan, are assisting in the investigation. Foo and Han are prohibited from disclosing the specifics of the probe by the CPIB.
Both executives have surrendered their passports and posted bail. Multi-Chem has appointed Foo Fang Yong as an increased management role to maintain continuity. Shares of the company increased by 22.1% to S$2.93 on Wednesday, following a 21.8% rise on Tuesday.
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