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Singapore Kitchen Equipment said it kept its CEO and a senior manager in their roles despite fraud charges because the criminal proceedings have not yet been concluded.
Responding to queries from the Singapore Exchange, SKE said in a Thursday filing that its nominating committee and board will review their assessment when there are material developments in the court case, including the conclusion of the Commercial Affairs Department’s prosecution, according to Singapore Business Review.
It was referring to CEO Chua Chwee Choo and senior manager Koh Sai Eng, who were charged earlier this month with falsifying over 100 payment vouchers.
Singapore Kitchen Equipment said the charges do not allege that the two women intended to make financial gains at the expense of third parties, facilitate any criminal breach of trust or fraudulent transactions with third parties, or cause financial loss to any party.