Japan Foods’ lead independent director investigated by CAD on ‘personal matter’
Tan Cher Ting has not been charged with any offence, but will step down from the role
[SINGAPORE] The lead independent director of restaurant operator Japan Foods , Tan Cher Ting, is currently out on bail after being interviewed by the Commercial Affairs Department (CAD) on Wednesday (Feb 11).
The interview was in connection with an investigation into a possible offence under the Securities and Futures Act 2001 (SFA). The investigation relates specifically to Section 219 of the Act, which concerns the conduct of persons in possession of inside information.
In a bourse filing on Thursday evening, mainboard-listed Japan Foods said Tan – who also chairs the board’s nominating committee – had informed the company that the investigation is a personal matter and does not involve the shares or business activities of Japan Foods.
Nevertheless, in view of the ongoing investigation, the board has accepted the nominating committee’s recommendation for Tan to relinquish her roles as lead independent director and chairperson of the nominating committee. She will remain a member of the committee.
It added that, to the best of the nominating committee’s and the board’s knowledge, Tan has not been charged with any offence. Since her appointment to the board in 2023, she has conducted herself “in an independent and professional manner”.
“Tan has confirmed that she will provide updates to the board as and when there are any material developments in relation to the investigation,” the board said.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The company added that it will continue to monitor developments and reassess Tan’s suitability for her current appointment should there be any material changes.
In view of Tan relinquishing her role, the chairperson of the remuneration committee, Benny Lim, will take over as chair of the nominating committee. Meanwhile, Tan will replace Lim as chairperson of the remuneration committee.
Jason Lee, the current chairman of the audit and risk committee, will be appointed lead independent director.
Shares of Japan Foods closed flat at S$0.159 on Thursday, prior to the announcement.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
