At the same time, CCID is investigating a case on Ratus Nautika Sdn Bhd, an indirect 70%-owned subsidiary of fellow Singapore-listed company GRP Limited. Kwan is one of the directors of Ratus Nautika. In a separate May 2 announcement issued by GRP, Kwan was among three persons asked to attend an investigation concerning the alleged misappropriation of the project retention sum for GRP's affordable housing project in Seri Iskandar, Perak. The other two names mentioned are Kantilal s/o Champaklal, former chief financial officer of GRP, and GRP's financial controller Peng Peck Yen.
Kwan is required to provide statements for both investigations.
That said, Kwan will retain her position as Luminor Financial Holdings' executive director as the company's nominating committee and board have assessed that she will continue to fulfil her duties professionally.
According to Luminor Financial Holdings, the decision comes as Kwan was not charged for any offences. They also believe that the investigations will not compromise Kwan's performance with respect to her duties. Finally, Kwan has "conducted herself in a professional manner and has provided constructive and valuable leadership to the group and input to the board" since her appointment in 2020.
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"Miss Kwan has provided an undertaking to inform the board of the ongoing Investigations and subsequent developments," adds the statement.
Luminor Financial Holdings has two core businesses - financial solutions and property development. The company was previously known as Starland Holdings, a residential and commercial property developer in China and Singapore.
Shares in Luminor closed flat at 5.2 cents on May 2.
Ed: This story has been updated to include Kwan's involvement in the investigations in GRP's indirect 70%-owned subsidiary over the alleged misappropriation of the project retention sum for GRP's affordable housing project in Seri Iskandar, Perak.
