The board of directors (the “Board”) of ITE Electric Co Ltd (the “Company”) would like to announce that the Company and its wholly-owned subsidiary, ITE Assets Holdings Pte Ltd (“ITE Assets”), have received notices from the Commercial Affairs Department (“CAD”) of investigations into an offence under the Securities and Futures Act, Cap 289.
Pursuant to the said notices, the Company and ITE Assets were requested to provide CAD with access to information for the period from 1 January 2011 to date, relating to, inter alia, all corporate electronic data, information technology equipment, and data storage devices belonging to ITE Assets (including all records pertaining to securities trading and in relation to accounts held with financial institutions), Mr. Ho Cheng Leong, Mr. Ang Cheng Gian and Mr. Goh Hin Calm, and all other relevant documents.
Mr. Ho Cheng Leong is the Chief Executive Officer and an executive director of the Company. Mr. Ang Cheng Gian is the Chief Operating Officer and a key management staff of the Company. Mr. Goh Hin Calm is a non-executive and independent director of the Company.
CAD has not given any further details of its investigations and the Board is not aware that any offence has been committed. Until such time that the outcome of the investigations are known, Mr Ho Cheng Leong, Mr. Ang Cheng Gian and Mr. Goh Hin Calm will continue to serve the Company in their respective capacities.
The business and operations of the Company are not affected by the investigations and will continue as usual.
The Company will monitor the progress of the investigations and make such further announcements as required.
It is interesting to compare the shareholding structures between this year's and last year's annual reports. It shows a number of bank nominee accounts sold significant amount of stocks into the market. It is a pity that we may never know who owns all these nominee accounts.
I much prefer the way Bursa deals with nominee accounts as in the annual reports in Malaysia, they actually show the owners of these nominee accounts. I would not be surprised that at the end of the BAL saga, they find that this is a loophole and make a suggestion to plug this. Actually, one doesn't need a BAL saga to know that this is an issue.