Derek Goh, executive chairman of Serial System, is stepping down from the board for two years, following a “conditional warning” by the Monetary Authority of Singapore.
The central bank and industry regulator has closed its probe on Goh that was launched in 2015 on matters related to the Securities and Futures Act.
“The company has been informed that the MAS has completed its investigations and the matter is now closed,” states the company on Oct 5.
Goh will remain, however, as group CEO.
In place of Goh’s role in the board, former junior minister Teo Ser Luck will assume the role of acting independent non-executive chairman.
Goh’s younger cousin, Sean Goh Su Teng, the company’s chief operating officer, has been appointed to the board as an executive director.
Serial System closed Oct 5 at 12 cents, up 0.84% for the day and up 50% year to date.