SINGAPORE: Cordlife Chief Financial Officer Thet Hnin Yi has been arrested amid investigations into the company’s mishandling of cord blood units.
The company previously announced that Ms Thet was assisting with police investigations and had not been arrested.
In a bourse filing on Wednesday (Mar 27), the company said Ms Thet had attended another interview at the office of the police’s Commercial Affairs Department (CAD). She was arrested and released on bail.
“The company understands from her that the offence for which she is arrested and released on bail, is likewise in connection with potential breaches of the disclosure obligations of the company in relation to the irregular temperatures of a certain cryogenic storage tank of the company, which was first disclosed by the company in its announcement dated Nov 30, 2023.”
Seven of Cordlife’s storage tanks were exposed to temperatures above acceptable limits, damaging cord blood units belonging to at least 2,150 clients. Another 17,000 clients were possibly affected.
The company said on Wednesday that it would be in its interests if Ms Thet continued as CFO as she has been with the company for 17 years and is “very familiar with the historical and current financial numbers and information” of the company.
She is currently working with external auditors to finalise the accounts for the financial year that ended on Dec 31, 2023.
“Ms Thet is the key person liaising and managing responses to be sent to the regulators and works closely with the company’s legal advisers in relation to announcements to be released by the company, and with the company secretary in relation to corporate secretarial matters,” added Cordlife.
She has also been “instrumental and proactive” in assisting the board with the ongoing work undertaken by the company to investigate and address the lapses identified by the Ministry of Health (MOH) in relation to its Singapore operations.
FIVE OTHERS ARRESTED
Last Friday, the company announced that its former Group CEO Tan Poh Lan had been arrested, along with four other directors.
They are acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Jim Cheong Tuck Yan, as well as non-independent non-executive director Chow Wai Leong.
In addition, four directors who are currently not based in Singapore are required to attend a police interview on Apr 2.
They are former chairman Joseph Wong Wai Leung, who stepped down earlier this year due to “personal family and health reasons”, Mr Zhai Lingyun, Ms Chen Xiaoling and Mr Yiu Ming Yiu.
Source: CNA
