Cordlife’s former group CEO and four board members arrested and out on bail

SINGAPORE - Cordlife’s former Group CEO Tan Poh Lan and four board members have been arrested in connection with potential breaches of the company’s disclosure obligations in relation to the irregular temperatures of a certain cryogenic storage tank.

In a bourse filing on the wee hours of March 22, the company said it received a notice on March 19 from the police’s Commercial Affairs Department and the Monetary Authority of Singapore requiring documents and information in connection with police investigations into an offence under the Securities and Futures Act. Cordlife has produced some of the documents listed in the notice.

The CAD and MAS also issued a notice on March 19 requiring four directors of the company, who are not based in Singapore, to attend interviews in connection with the investigations on Apr 2. They are independent director Joseph Wong Wai Leung, non-independent non-executive director Mr Zhai Lingyun, non-independent non-executive director Ms Chen and non-independent non-executive director Mr Yiu Ming Yiu.

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