Lim How Teck and four other Raffles Education directors charged with disclosure breaches
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Temasek and NOL veteran, Shameless Lim How Teck wanted to make big money before retired but was arrested for serious white collar crime
- Thread starter JurongEast
- Start date
SINGAPORE - Corporate figure Lim How Teck and four fellow directors of Raffles Education, including chairman-cum-chief executive Chew Hua Seng, were charged on Sept 20 with breaching disclosure obligations under the Securities and Futures Act.
Lim, Chew, Ng Kwan Meng, Ho Yan Jun and John Teo Cheng Lok face two charges each.
The two disclosure charges stem from a RM410 million (S$126 million) loan extended by Affin Bank to the private education provider’s subsidiaries – Raffles K12 and Raffles Iskandar – which manage schools in Malaysia.
Lim, Chew, Ng Kwan Meng, Ho Yan Jun and John Teo Cheng Lok face two charges each.
The two disclosure charges stem from a RM410 million (S$126 million) loan extended by Affin Bank to the private education provider’s subsidiaries – Raffles K12 and Raffles Iskandar – which manage schools in Malaysia.
The Raffles Education group was first served legal letters in February 2021; the lawsuit filed by Affin Bank followed in May 2021, asking for immediate repayment of the loan. However, this was disclosed to shareholders only two months later, on July 29, at the request of the Singapore Exchange.
Lim, 73, resigned as chairman of Temasek-backed Heliconia Capital, months after he was arrested in February 2022 over the alleged disclosure breaches.
Both he and Ng, 67, are independent non-executive directors; the 61-year-old Ho is a non-independent, non-executive director, according to Raffles Education’s website.
Chew, 70, is controlling shareholder and founder of Raffles Education.
Lim, 73, resigned as chairman of Temasek-backed Heliconia Capital, months after he was arrested in February 2022 over the alleged disclosure breaches.
Both he and Ng, 67, are independent non-executive directors; the 61-year-old Ho is a non-independent, non-executive director, according to Raffles Education’s website.
Chew, 70, is controlling shareholder and founder of Raffles Education.
Teo, 74, stepped down as an independent, non-executive director in July 2021, having served on the board since October 2008, a period of more than 12 years.
The cases of Lim and the other four have been adjourned to Nov 1, as their counsel said they have just been engaged and needed to take instructions from the accused, who are out on bail of $30,000 each.
Each charge prescribes a maximum punishment of up to seven years’ imprisonment and a fine not exceeding $250,000.
Chew’s wife Doris Chung Gim Lian, a director and member of management of Raffles K12 and Raffles Iskandar and who was among those said to have been arrested in 2022, was not charged on Sept 20.
Raffles Education requested a trading halt on Sept 20, before the market opened. THE BUSINESS TIMES
The cases of Lim and the other four have been adjourned to Nov 1, as their counsel said they have just been engaged and needed to take instructions from the accused, who are out on bail of $30,000 each.
Each charge prescribes a maximum punishment of up to seven years’ imprisonment and a fine not exceeding $250,000.
Chew’s wife Doris Chung Gim Lian, a director and member of management of Raffles K12 and Raffles Iskandar and who was among those said to have been arrested in 2022, was not charged on Sept 20.
Raffles Education requested a trading halt on Sept 20, before the market opened. THE BUSINESS TIMES
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Background
Mr. Lim How Teck is currently Chairman of Redwood International Pte. Ltd. (an investment & consultancy company). Mr Lim sits on the Board of FDC (Foundation of Development Cooperation, Aetherium Acquisition Corporation, Trident Digital Tech Pte Ltd. He is also an adviser to many private companies and family offices.
Mr. Lim has in-depth knowledge of the shipping industry, having been with the NOL Group from 1979 to 2005, where he held various positions from Executive Director, Group CFO, Group COO, and Group Deputy CEO.
Mr. Lim has extensive international qualifications and experience in business finance and accounting. Prior to joining NOL, he worked in Coopers & Lybrand (an international accounting firm) and Plessey Singapore (a multi-national trading and manufacturing company).
Mr. Lim holds a Bachelor of Accountancy Degree from the University of Singapore. He is a Fellow of the Chartered Institute of Management Accountants of UK (FCMA), a Fellow of the Certified Public Accountants of Australia (FCPA Aust), a Fellow of the Institute of Certified Public Accountants of Singapore (FCPA ICPAS), and a Fellow of the Singapore Institute of Directors (FSID). He is a graduate of Harvard Graduate School of Business in Corporate Financial Management Course and Advanced Management Programme in 1983 and 1989 respectively.
Mr. Lim was awarded the Public Service Medal (PBM) National Day Award in 1999 and the Public Service Star (BBM) National Day Award in 2014.
Looks like all That experience and education wasted.
All PAP related people.
Chinks don't cheat will never get rich.
Lol 70% ask.for this ,later on will suck.from sinkies to top.up losses,lol
Lol 70% ask.for this ,later on will suck.from sinkies to top.up losses
All these sofa at least 7k.a piece
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