Raffles Education (SGX:NR7) said several current and former directors, including Chairman and CEO Chew Hua Seng, face charges for failing to notify the Singapore Exchange of critical information about Affin Bank's legal claims exceeding 416 million ringgit.
The charged individuals have surrendered their passports, with bail set at SG$30,000 each, according to a Friday filing on the Singapore Exchange.
An independent committee has been formed to oversee disclosures and evaluate the directors' suitability to continue their roles.
The committee believes the directors can effectively manage the company amid the ongoing investigation.
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