Fu Yu Decides to Close Investigations into Affairs of Subsidiary

MT Newswires

10/03

Fu Yu's (SGX:F13) board decided to discontinue its investigations into the affairs of subsidiary, Fu Yu Supply Chain Solutions, according to an after-market filing with the Singapore Exchange on Friday.

The board is of the view that there is no merit in taking further action against any person flagged during the investigations.

This comes after the company chose to not take any legal proceedings against individuals, including its largest shareholder Victor Lim, in connection with a probe into its subsidiary, Fu Yu Supply Chain Solutions, which was involved in unverifiable payment arrangements.

The allegations relate to the AEPL acquisition, questionable expense reimbursements, and a pre-paid commission deal involving entities allegedly linked to the individuals.

Shares of the company were down over 1% at the close of trading on Friday.

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