SINGAPORE: Police have arrested Cordlife’s former Group CEO , Tan Poh Lan along with four directors, the company announced early Friday morning ( Mar 22 ).
The company claimed in a bourse filing that the police’s Commercial Affairs Department ( CAD ) and the Monetary Authority of Singapore ( MAS ) issued a notice on March 19 requesting documents and information in connection with police inquiries into an offense under the Securities and Futures Act.
The company “understands that the offence is related to possible breaches of the company’s disclosure obligations in relation to the abnormal temperatures of a specific freezing storage tank,” Cordlife wrote in the filing.
Four executives have been detained and are now being held on bail in connection with the studies. They are acting president Ho Choon Hou, separate managers Titus Jim Cheong Tuck Yan, and non-uniform non-executive director Chow Wai Leong.
Tan Poh Lan, the original group’s CEO, was even detained and released on bail.  ,
Thet Hnin Yi, the chief financial officer, has been asked to assist with examinations. She has not been arrested, the firm said on Friday.
In addition, four Singaporean managers are required to appear in a policeman discussion on April 2 for the investigation.
They are past chairman Joseph Wong Wai Leung, Mr Zhai Lingyun, Ms Chen Xiaoling and Mr Yiu Ming Yiu.
” At the time of this statement, the company has received projects from all the managers, Ms Tan Poh Lan and Ms Thet Hnin Yi, to notify the Board of the continuous Studies and subsequent innovations”, Cordlife said.
It further stated that it would revise its owners and work closely with all regulatory bodies. Its activities will also continue as normal, it added.
The Singapore-listed personal cord blood banks has been under inspection after seven of its vehicles, which housed cord blood products, were exposed to temperatures above the legal range.
Cord blood products belonging to at least 2, 150 users were damaged, with another 17, 000 customers potentially affected.
When the Ministry of Health ( MOH) announced that Cordlife’s investigation was ongoing, this was made public in November 2023. On July 24, a member of the public complained to the MOH about reported problems with a storage container.
Later, it became clear that Cordlife’s plank was aware of the problem in February 2023.