Sitra Holdings Requests Lifting of Trading Halt Following Charges Against Chairman

MT Newswires09-23

Sitra Holdings (International) Limited (SGX:5LE) has requested the Singapore Exchange to lift a trading halt imposed on its shares following the recent charges against its chairman, Chew Hua Seng, according to a Monday filing on the Singapore Exchange.

The charges stem from investigations by the Monetary Authority of Singapore and the Commercial Affairs Department into the affairs of Raffles Education (SGX:NR7), where Seng also serves as chairman and CEO.

On Sept. 19, current and former directors of Raffles Education were charged under the Securities and Futures Act for failing to disclose significant financial demands from Affin Bank, which were required under SGX rules.

Seng has been formally charged, with bail set at SG$30,000, increasing to SG$60,000 for overseas travel.

The board, excluding Chew and another director, maintains that these developments do not impair his ability to fulfill his role at Sitra and consider him suitable to continue as chairman.

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