CAD arrests former independent director of China Sky

[Alto Saotome]

CAD arrests former independent director of China Sky

Accountant provided services for company through his firm while he chaired audit panel

Published on Mar 10, 2012​

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Mr Lai's relationship with China Sky raised questions about possible conflicts of interest and the degree of his independence as he had chaired the audit committee.

By Melissa Tan

A former independent director of China Sky Chemical Fibre has been arrested by the white-collar crime unit and his passport has been impounded.

The Straits Times understands that accountant Lai Seng Kwoon was arrested this week at the Commercial Affairs Department's (CAD) offices and is out on bail.

This is the latest development in a saga that started after China Sky refused to submit to a special audit requested by the Singapore Exchange (SGX).

If the CAD does not charge someone within 48 hours of an arrest, the person must be released unconditionally.

Read the full story in Saturday's edition of The Straits Times.
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[scroobal]

Note that CAD mentions that his passport has been seized.