SINGAPORE (THE BUSINESS TIMES) – Leader Environmental Technologies (LET) executive chairman and chief executive Lin Yucheng, as well as deputy chief technology officer Guo Chenghong, are in a Commercial Affairs Department (CAD) probe over the offence of insider trading.
The environmental services provider said in a bourse filing late on Thursday (July 8) that Dr Lin and Dr Guo informed that they each received a letter dated July 7 from the Singapore Police Force (SPF), Monetary Authority of Singapore and CAD informing them of the investigation.
They were also asked to attend interviews with CAD. Later, they each received a letter from the SPF dated July 7 requiring them to surrender their travel documents to CAD as part of police investigations as there had “arisen reasonable grounds for believing that they had committed an offence”.
CAD has further seized certain electronic devices – including mobile phones and laptops – belonging to Dr Lin and Dr Guo for forensic purposes.
As the investigations are ongoing and no formal charges have been filed, LET’s nominating committee holds the view that Dr Lin and Dr Guo should continue to discharge their responsibilities and duties as normal, a recommendation accepted by the board.
LET said its business and operations are not affected by the investigations and will continue as normal.
Shares of LET were trading 3.5 per cent or 0.4 cent lower at 11 cents before a trading halt was called on Thursday afternoon. The company has since called for trading to resume.