CPIB hauls Multi-Chem CEO, COO in for questioning; stock hits circuit breaker
Both executive directors were asked to post bail, surrender passports and mobile phones Read more at The Business Times.
Both executive directors were asked to post bail, surrender passports and mobile phones
Deon Loke
Published Fri, Sep 18, 2026 · 09:52 AM
[SINGAPORE] Mainboard-listed IT distribution firm Multi-Chem announced on Thursday (Sept 17) that its chief executive officer, chief operating officer, and two senior employees have been interviewed by the Corrupt Practices Investigation Bureau (CPIB).
Multi-Chem shares plummeted right at market open, plunging more than 40 per cent in morning trade, or S$1.84 to S$2.50. The sharp drop triggered the stock exchange’s circuit breaker mechanism, which enforces a 10 per cent price band and a five-minute cooling-off period when a security experiences sudden volatility.
In a regulatory filing to the Singapore Exchange (SGX), the company’s audit and risk management committee (ARMC) disclosed that CEO Foo Suan Sai and COO Han Juat Hoon were interviewed by the anti-graft agency.
Both executive directors were asked to provide bail and hand over their passports and mobile phones to the CPIB.
The company’s Audit and Risk Management Committee (ARMC), comprised of the group’s independent directors, was informed the situation by Han. In its statement on the development, the committe clarified that it is not directly privy to the ongoing matter before the CPIB.
Two senior sales employees of the group were also questioned by the CPIB. The committee said it does not currently know if these employees were similarly required to surrender their passports or mobile devices.
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As part of the ongoing probe, CPIB officers visited the group’s premises and seized several documents.
These include certain financial accounts of the group dating from an earlier year to the present, employee claim documents relating to group personnel and an individual from a vendor, and an agreement relating to the same vendor.
“The ARMC is currently seeking further information from the executive directors relating to the interviews, substance of the investigations, and other actions taken by the CPIB,” said committee member Steven Chong Teck Sin on behalf of the ARMC.
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Glamour Canada.
