In response to inquiries into Cordlife’s improper handling of cord blood products, Thet Hnin Yi, the agency’s chief financial officer, has been detained in Singapore.
The company recently disclosed that Ms. Thet had not been detained but was assisting with police investigations.
The company claimed in a bourse filing on Wednesday ( Mar 27 ) that Ms. Thet had previously attended an interview with the police’s Commercial Affairs Department ( CAD ). She was detained and released on bail.
The company is aware of her that the crime for which she is detained and released on bail is also related to possible breaches of the company’s disclosure obligations in relation to the unusual temperatures of a specific cryogenic storage tank, which the company first made known in its announcement dated November 30, 2023.
Seven of Cordlife’s storage tanks were exposed to temperatures above appropriate boundaries,  , damaging cord blood products  , belonging to at least 2, 150 customers. Another 17, 000 customers were potentially affected.
The company stated on Wednesday that if Ms Thet were to remain in charge of the business because she has worked for the company for 17 times and is “very knowledgeable about the company’s historical and current economic statistics and information.”
She is currently coordinating with external auditors to finalize the transactions for the fiscal year that ended on December 31, 2023.
” Ms. Thet is the key person coordinating responses to be sent to the authorities and working closely with the company’s authorized advisors in relation to company disclosures to be made, as well as with the company secretary in relation to corporate secretarial things,” Cordlife continued.
She has also assisted the board in being “instrumental and proactive” with the company’s ongoing work to look into and correct the shortcomings identified by the Ministry of Health ( MOH) in relation to its Singapore operations.
FIVE Some ARRESTED
Last Friday, the company announced that its previous Group CEO Tan Poh Lan had been arrested, along with four different managers.
They are acting president Ho Choon Hou, separate managers Titus Jim Cheong Tuck Yan, and non-uniform non-executive director Chow Wai Leong.
Additionally, four Singaporean directors must appear in a policeman meeting on April 2.
They are original chairman Joseph Wong Wai Leung, who stepped down earlier this year , according to “personal home and health factors”,  , Mr Zhai Lingyun, Ms Chen Xiaoling and Mr Yiu Ming Yiu.  ,