It replies to SGX queries on fraud and other charges against CEO Chua Chwee Choo and senior manager Koh Sai Eng; executive director Alan Lee named as backup CEO
[SINGAPORE] Singapore Kitchen Equipment (SKE) said chief executive Chua Chwee Choo and senior manager Koh Sai Eng were kept in their positions despite being charged with fraud and falsifying accounts because the criminal case has yet to be concluded.
In response to queries from the Singapore Exchange, SKE said its nominating committee and board will update their assessment when there are key developments in the court proceedings, including the conclusion of the prosecution by the Commercial Affairs Department.
In a filing on Wednesday (June 11), SKE said the charges do not allege that the two women had intended to make financial gains at the expense of third parties, nor had they intended to facilitate any criminal breach of trust and/or fraudulent transactions with third parties and/or cause any financial loss to any party.
It said internal auditors have confirmed that all gaps had been plugged, and its statutory auditors have not detected any recurrence of control lapses since the financial year ended December 31, 2021.
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