Tuesday, April 03, 2012

TEE International executives under investigation by CAD

SINGAPORE: Two key executives of Singapore-listed construction and engineering firm TEE International Limited are under investigation by the Commercial Affairs Department (CAD) for a possible breach of the Securities and Futures Act.

In a statement to the Singapore Exchange, TEE International has announced that Bertie Cheng, its chairman, and Phua Chian Kin, the group's CEO and managing director, are the subject of CAD investigations on the possible contravention of market rigging provisions in the Securities and Futures Act.

The period of the investigated allegations appear to be between July 1, 2008 and March 31, 2009.

The company said Mr Cheng and Mr Phua have indicated that they will cooperate fully with CAD in its investigations.

It also said the company's business and operations are not affected by the CAD investigations and will continue normally.


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Source From Cnahhel News Asia

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