Crime busters to probe Khoo’s shares


THE Commercial Affairs Department (CAD) has begun investigating the secret shareholdings of the late billionaire Khoo Teck Puat. 

The involvement of the white-collar crime busters comes after nearly three weeks of investigation by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). 

That probe was launched after the trustees of Khoo’s estate made a shock disclosure last month that he may have misled regulators and investors for years, by deliberately under -reporting the extent of his control in several listed companies. 

These were Goodwood Park Hotel, Central Properties and Hotel Malaysia. 

The CAD said that it was also working with the MAS, the newly created Accounting & Corporate Regulatory Authority and the SGX over possible undisclosed shareholdings in another listed company, Orchard Parade Hotel, to decide on further investigation.  

Khoo, who died in February, aged 87, was one of Singapore’s wealthiest men. 

One corporate lawyer, who declined to be named, said: “If they’re going to make an announcement that the CAD is getting involved, that must be a little bit serious.” – The Straits Times/Asia News Network 

For another perspective from The Straits Times, a partner of Asia News Network, click here.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Regional

Thwarted – e-hailing driver's bid to smuggle illegal who misses her husband past a roadblock
Malayan Cement buys YTL's cement biz for RM5.16b
Fuel prices unchanged from May 13 to 19
US DOJ remits RM1.9bil in seized monies to Malaysia
Meet China’s elderly influencers cashing in on the Internet
TikTok begins testing in-app shopping to challenge Facebook
Nutrition expert wins award for nourishing millions worldwide with fish
A 1,100-year-old poem cost Meituan’s outspoken CEO US$2.5bil
Indian PM Modi to skip G7 meet in Britain due to COVID-19 crisis
Thai court grants bail to two protest leaders in jail for royal insults

Stories You'll Enjoy


Vouchers