Serial System group CEO called upon again for Bull Will-linked investigations in Taiwan

Serial System group CEO called upon again for Bull Will-linked investigations in Taiwan

By: 
Michelle Zhu
13/09/18, 07:33 am

SINGAPORE (Sept 13): For the second time, Serial System’s executive chairman and group CEO Derek Goh has asked by the Investigation Bureau, Ministry of Justice of Taiwan to personally assist in an ongoing investigation regarding its 19.02%-owned subsidiary, Bull Will.

To recap, the group first reported on 28 June this year that Goh received a request by the Bureau and Taipei District Prosecutors Office to assist in “certain investigations” related to the Securities and Futures Act in Taiwan.

It later revealed on July 5 that the investigations concern Bull Will, which Goh represents on the board of directors as a non-executive legal representative director.

Bull Will’s chief financial officer Grant Lo, former CEO Peter Ho, and other Bull Will personnel were said by Serial System to have received summons and been interviewed by the Taiwan authorities regarding the investigation.

Although the state’s laws restrict them from disclosing further information about the investigation, the group said in a July 31 note that media reports in Taiwan suggested the investigation relates to alleged insider trading connected to the sale of Bull Will shares between 1-15 Dec, 2014.

In its latest update filed on Wednesday night, Serial System says Goh is seeking advice from Taiwanese legal counsel on the second request.

“The Board of Directors wishes to emphasise that the business and operations of the company and Dr Derek Goh’s roles and responsibilities as executive chairman and group CEO are not affected in any way by the matter and will continue as usual,” adds the group.

Shares in Serial System closed 1.3 cents higher at 15 cents on Wednesday.

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....
Read More >>

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....
Read More >>

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....
Read More >>