Despite the arrest, the company said that it would be in the company’s interests for Thet Hnin Yi to continue as Cordlife’s CFO. - ST FILE
SINGAPORE: Troubled private cord blood bank Cordlife announced on March 27 in a bourse filing the arrest of another one of the company’s senior management, chief financial officer Thet Hnin Yi, for potential breaches of the company’s disclosure obligations in relation to its mishandling of cord blood units.
Thet attended an interview at the Commercial Affairs Department office, was arrested in connection with the investigations and released on bail, said Cordlife in the announcement filed at 12.18pm.
Despite the arrest, the company’s nominating committee and board said that it would be in the company’s interests for Thet to continue as Cordlife’s CFO, as they believe that she can continue to fulfil her duties and will be able to continue to discharge them in an independent and professional manner.
Cordlife gave four reasons why Thet should continue in her appointment.
The company said that Thet has been with Cordlife for approximately 17 years, and is very familiar with the historical and current financial numbers and information of the company, which will be useful to the board in its decision-making with regards to ongoing matters facing the company.
Cordlife also pointed out that Thet is currently working with external auditors to finalise the accounts for the financial year ending Dec 31, 2023.
A third reason: Thet is the key person liaising with and managing responses to be sent to regulators, and works closely with the Cordlife’s legal advisers in relation to announcements to be released by the company, and with the company secretary in relation to corporate secretarial matters.
Cordlife added that Thet has 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.
“The nominating committee and the board are of the view that her continued presence in the capacity of CFO will be very relevant to the board as she will be able to share her experiences and deep financial knowledge that is very important to the board,” said Cordlife.
Cordlife said its nominating committee and board will continue to consider and reassess the suitability of the continued appointment of Thet as CFO, pending the development of the investigations and in accordance with the requirements of the listing rules of Singapore Exchange Securities Trading.
On March 22, the company announced that its former group chief executive Tan Poh Lan, along with four board members, were arrested and out on bail. - The Straits Times/ANN
