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No Signboard CEO arrested and on bail in share buyback probe
SINGAPORE — Seafood restaurant operator No Signboard Holdings said its chief executive officer Lim Yong Sim was arrested on Tuesday (30 April) and has been released on bail.
Lim was arrested on “reasonable suspicion” of breaching the Securities and Futures Act, the company said in an exchange filing on Thursday.
Lim has not been charged for any offence, the company said, adding that its business will not be affected and will continue as usual.
The arrest comes on the heels of an ongoing probe by the police’s Commercial Affairs Department (CAD) into the company’s abortive share buyback in January. The shares were bought at a price that was above the regulatory limit and during a black-out period.
The company said on Monday that it was requested by the CAD to assist in investigations and had provided copies of documents connected to the share buyback. Both Lim and chief financial officer Voon Sze Yin had given statements, and Lim’s passport was retained by CAD.
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