Technology firm Trek 2000 International on Friday said it intends to resume trading of its shares with effect from September 11 on the Singapore Exchange.
Chief Executive Officer Henn Tan, Former Executive Director Poo Teng Pin and Former Chief Financial Officer Gurcharan Singh have given undertakings to the company and the SGX that they will observe a moratorium on the trading of all their shares.
The moratorium will observed until forensic accountant RSM Corporate Advisory has released the full report on the phase 2 review to the company's board.
Trek 2000 International is under the second phase of review of suspicious transactions which may require further investigation, after RSM have completed the interested person transactions inquiry report.
Earlier in Juy, RSM had highlighted certain potential breaches of duties by Tan, Poo and Singh. They were also among those questioned by the Commercial Affairs Department in relation to its investigations.
The nominating committee, which comprised Chay Yee Meng as chairman and Loh Yih and Long Ming Fai Edwin as members, had assessed Tan's suitability to remain on the board in view of the alleged breaches of laws.
Tan is the largest shareholder of the company with a stake of 30.99 percent.
The committee and the board unanimously agreed to keep Tan as a director of the company. The nominating committee will be re-evaluating the suitability of Tan to remain as a director or on the management team of the company having regard to the findings of the Phase 2 Review when it is completed.
The company had suspended trading of its stock on April 27, 2016 after its auditors EY found issues while auditing its financial statements for the 2015 financial year.
