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.

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