The managing director of Nam Lee Pressed Metal Industries, Yong Han Keong, Eric, has been interviewed by the Corrupt Practices Investigation Bureau (CPIB) over a whistleblowing report filed concerning allegations against him.
According to the company, Nam Lee’s nominating committee does not have direct access to the CPIB. The contents of the announcement are based on information provided by Yong. As such, the nominating committee and the board “are not in a position to verify such information on their end”.
That said, the nominating committee believes the whistleblowing allegations are related to the same line of allegations previously raised in an earlier report received by the audit committee in the FY2024 ended Sept 30, 2024.
Per the company’s FY2024 annual report, the earlier whistleblowing report “merited investigation” and the complaints were referred to the internal auditors for an independent audit investigation, who concluded that there was nothing to indicate the need for a more comprehensive or further investigation.
However, some “procedural lapses and control gaps in operational matters” in the course of the internal auditors’ investigations were found and reported to the audit committee, which was then highlighted to the company’s management.
“The required remedial actions to improve and strengthen internal controls have already and are in the process of implementation,” says Nam Lee in its Oct 31 announcement.
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With these, the company’s independent directors were all of the view that the review in 2024 had “adequately addressed” the allegations and no further action was warranted.
Given that the current allegations are mainly the same ones in the previous whistleblowing report, and that the company’s independent directors were satisfied that the review had addressed the allegations, Nam Lee’s nominating committee feels Yong remains able to continue discharging his role and responsibilities as managing director.
The group’s business and operations also remain unaffected.
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Yong is a member of the nominating committee and has recused himself from the deliberations. His cousins are Joanna Yong Li Yuen, chairman and executive director of the company and Yong Han Lim, Adrian, an executive director. Adrian, also a member of the nominating committee, has recused himself from the deliberations as well.
Yong confirmed with the company that CPIB has not impounded his passport and that he is free to travel. He has also not been charged.
To this end, Nam Lee says its nominating committee will “continue to re-assess the suitability of the continued appointment of [the] managing director as and when there are material developments to this matter. The company will continue to provide updates where required in compliance with the applicable listing rules.”
Shares in Nam Lee Metal last traded at 56.5 cents before its trading halt at 3.07pm on Oct 30.
