CFA Society Singapore
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.