Post by oldman on Feb 10, 2015 3:41:36 GMT 7
Sounds pretty serious.....
ANNOUNCEMENT
The Board of Directors (the "Board") of DMX Technologies Group Limited (the "Company") wishes to announce that Ms. Jismyl Teo Chor Khin, the Executive Director and Chief Executive Officer of the Company ("CEO") and Mr. Skip Tang, the Chief Financial Officer of the Company (“CFO”), have been suspended from all executive duties with effect from 9 February 2015 for an indefinite period.
The Board made its decision after it was informed by the CEO that the CEO and CFO were arrested by the Commercial Crime Bureau of the Hong Kong Police Force (the "HK Authorities") on 3 February 2015. The CEO and CFO were subsequently released on bail. No formal charges have been laid by the HK Authorities against the Company or any of its officers (including the CEO and CFO).
As the Company has not received information directly from the HK Authorities on the subject matter of their investigations, the Board is still trying to gather more information in relation to the facts surrounding the matter and any legal implications for the Company. Based on what the Board currently understands, the HK Authorities are investigating a suspected offence that took place in 2008, in which the CEO and the CFO may have involved the Company. The HK Authorities visited the Company's Hong Kong office to review records.
To the best of the knowledge of the Board, investigations are still ongoing. Although the outcome of the investigations is presently unknown, the Board was of the view that it would be prudent and appropriate and in the interests of the Company and its shareholders for the CEO and CFO to be suspended from all executive duties with immediate effect, pending further notice.
To ensure the ongoing smooth operation of the Company’s business and continued effective management and oversight of the Company, the Board also appointed Mr. Iwao Oishi, Executive Director and Vice Chairman and Ms. Astor Cheung Wai Yin, Finance Manager, to oversee the portfolio and responsibilities of the CEO and CFO respectively during this period. Members of management other than the CEO and CFO will continue with their operational responsibilities.
The Company and the Board have appointed Hong Kong and Singapore legal counsel to advise on their legal obligations.
The Board will issue further announcements as appropriate, as and when there are any material developments in the matter.
Shareholders are advised to exercise caution when dealing in the securities of the Company and to refrain from taking any action in relation to their shares which may be prejudicial to their interests.
infopub.sgx.com/FileOpen/attachment_announcement_09.02.2015.ashx?App=Announcement&FileID=334276
ANNOUNCEMENT
The Board of Directors (the "Board") of DMX Technologies Group Limited (the "Company") wishes to announce that Ms. Jismyl Teo Chor Khin, the Executive Director and Chief Executive Officer of the Company ("CEO") and Mr. Skip Tang, the Chief Financial Officer of the Company (“CFO”), have been suspended from all executive duties with effect from 9 February 2015 for an indefinite period.
The Board made its decision after it was informed by the CEO that the CEO and CFO were arrested by the Commercial Crime Bureau of the Hong Kong Police Force (the "HK Authorities") on 3 February 2015. The CEO and CFO were subsequently released on bail. No formal charges have been laid by the HK Authorities against the Company or any of its officers (including the CEO and CFO).
As the Company has not received information directly from the HK Authorities on the subject matter of their investigations, the Board is still trying to gather more information in relation to the facts surrounding the matter and any legal implications for the Company. Based on what the Board currently understands, the HK Authorities are investigating a suspected offence that took place in 2008, in which the CEO and the CFO may have involved the Company. The HK Authorities visited the Company's Hong Kong office to review records.
To the best of the knowledge of the Board, investigations are still ongoing. Although the outcome of the investigations is presently unknown, the Board was of the view that it would be prudent and appropriate and in the interests of the Company and its shareholders for the CEO and CFO to be suspended from all executive duties with immediate effect, pending further notice.
To ensure the ongoing smooth operation of the Company’s business and continued effective management and oversight of the Company, the Board also appointed Mr. Iwao Oishi, Executive Director and Vice Chairman and Ms. Astor Cheung Wai Yin, Finance Manager, to oversee the portfolio and responsibilities of the CEO and CFO respectively during this period. Members of management other than the CEO and CFO will continue with their operational responsibilities.
The Company and the Board have appointed Hong Kong and Singapore legal counsel to advise on their legal obligations.
The Board will issue further announcements as appropriate, as and when there are any material developments in the matter.
Shareholders are advised to exercise caution when dealing in the securities of the Company and to refrain from taking any action in relation to their shares which may be prejudicial to their interests.
infopub.sgx.com/FileOpen/attachment_announcement_09.02.2015.ashx?App=Announcement&FileID=334276