UPDATE: Singapore executive moves: Kimly Executive Chmn Lim to resign after CAD charges

Kedai Kopi, a Singapore-style coffee shop, with a Tenderbest outlet, located at Haig Road in Singapore’s Geylang neighborhood. Photo taken October 2021Kedai Kopi, a Singapore-style coffee shop, with a Tenderbest outlet, located at Haig Road in Singapore’s Geylang neighborhood. Photo taken October 2021

This item was originally published on Thursday, 11 November 2021 at 14:02 SGT; it has since been updated to include more details. 

Kimly Ltd. said Thursday Executive Chairman Lim Hee Liat and Executive Director and CEO Chia Cher Khiang have informed the board that the Commercial Affairs Department (CAD) of the Singapore Police Force has notified them they have each been charged with an offence under the Securities and Futures Act.

Both Lim, age 55, and Chia, age 47, will resign as directors, Kimly said.

The charges against Lim and Chia were related to the company’s failure to notify Singapore Exchange that its acquisition of Asian Story Corp. (ASC) was an interested-person transaction, and that Lim had failed to disclose ASC was partially beneficially owned by him, Kimly said in a filing to SGX.

Kimly rescinded the acquisition in 2018 and received back all the consideration it had paid.

The board requested Chia remain an employee following his resignation to assist in the management transition, pending the conclusion of court proceedings related to the SFA charge, Kimly said. A similar request was made for Lim, according to a filing to SGX.

Following the resignations of Chia and Lim, Lau Chin Huat, age 62, currently an independent director, has been redesignated as non-executive independent chairman, Kimly said. He holds 1.28 million Kimly shares, according to a filing to SGX.

Wong Kok Yoong Karen, age 45, currently finance director, has been redesignated as executive director, Kimly said.

Lin Meiqi, age 32, has been appointed financial controller, effective Thursday. She is a current member of the management team, and has been group finance manager since March2018, according to a separate filing to SGX.

Chua Yong Chuan Kelvin, age 39, who is the managing director of Kimly’s Tenderfresh Group, has been appointed an executive officer of the company, effective Thursday, Kimly said. Chua will relinquish his role as the director in his other business interests by end-2021, Kimly said, noting those include Play Kitchen, Good Chance, Emerald Event Catering and Food Dialogue.

“Chua joined Tenderfresh Fried & BBQ Chicken Pte. Ltd. in 2012. A chef by training, he played a key role in the modernization of Tenderfresh’s menu and food processing capabilities. As the managing director of the Tenderfresh Group, he is responsible for the overall management and oversight of the operations and resources of the Tenderfresh Group,” Kimly said.

Yeo Yien Gee Ronnie, age 55, who is the director of operations for Kimly food retail division, has been appointed an executive officer, effective Thursday, Kimly said.

Tan Chong Sing Roy, the current executive officer, will relinquish his role as head of operations and will be appointed director of business development and strategic planning, responsible for implementing growth strategies and matters related to investor relations, Kimly said.