TEE Intl: Ordered to provide documents to CAD

Mural of construction gear in Singapore's Little India neighborhood.Mural of construction gear in Singapore's Little India neighborhood.

TEE International has been ordered to produce various documents to the Commercial Affairs Department (CAD) of the Singapore Police Force to assist in an investigation of an offence under the Securities and Futures Act, the company said in a filing to SGX Friday. 

The company referred to a statement by Singapore Exchange Regulation (SGX RegCo) earlier this month that it would both investigate and report TEE International’s late disclosure of claims to authorities.

The concerns related to the company’s announcements in June 2021 stating it had received 121 letters of demand and overdue claims from various creditors between July 2020 and June 2021 amounting to around S$38.8 million, according to the SGX RegCo statement.

The company had said the claims weren’t announced earlier as the amounts claimed by each creditor weren’t material, but SGX RegCo noted the aggregated claims were material information which could impact its ability to operate as a going concern.

Providing information and documents

Under the order, the company is required to provide the CAD access to information and/or documents related to the claims made against the company and its subsidiaries, including accounting records, board meeting minutes and corporate emails as well as IT equipment used by certain current and former directors and personnel for 1 January 2020 to 31 July 2021, TEE International said in a filing to SGX.

TEE International said all independent directors, the non-executive director and one member of management, who is the managing director of the engineering and construction business, were asked to assist the CAD, which interviewed them on 17 and 18 February. None were asked to surrender their passports, the company said. 

“The company, current management and board will cooperate fully with the CAD on its investigations,” TEE International said. 

“It is noted that the executive directors and key management personnel of the group during the relevant period have since resigned from the group. Additionally, the current management and board have taken steps to ensure that improvements are made and proper procedures are put in place to monitor the claims received by the group and to escalate the same to the current board,” the company said. 

The investigations aren’t expected to affect the on-going debt restructuring or operations, TEE International said.