Pek Lian Guan has been reappointed as an executive director and CEO of construction firm Tiong Seng Holdings.
Pek, who stepped down from this role on July 31 2020 after he was involved in a corruption case, will resume this appointment with effect on Aug 5.
He was charged but subsequently acquitted on two counts of abetting to conspire to corruptly lend money to former LTA deputy group director Henry Foo Yung Thye.
For receiving $1.24 million in total from various contractors, Foo, who was involved in key MRT projects such as the Thomson-East Coast Line and Cross Island Line, was jailed five-and-a-half years' in September 2021.
Pek was acquitted on Oct 11 2024 but the prosecution has filed an appeal.
The outcome of the appeal is pending.
See also: KSH raises $8.67 million placing out treasury shares at 30.5 cents each
Tiong Seng chairman Teo Ho Pin, a retired politician, says the board is "delighted" to welcome Pek back to this role.
"His strategic insight, deep industry expertise, longstanding connections with key stakeholders, and unwavering commitment to excellence make him the ideal leader to guide the group through to the next chapter," he adds.
Tiong Seng announced Pek's reappointment on the same day as it warns that it will report a net loss for 1HFY2025 ended June, as it tabulates total costs incurred from projects secured before the pandemic. Besides higher material costs, the construction industry as a whole was hit with higher labour costs from the delays.
See also: Lawsuit alleges former CapitaLand staff took bribes in India; CapitaLand responds
In contrast, Tiong Seng reported earnings of $5 million in 1HFY2024, and ended the year with earnings of $2.8 million, an improvement from a loss of $13.6 million for FY2023.
Tiong Seng last reported an order book of some $600 million as at Dec 31 2024.
"This company has always been close to my heart. I look forward to working with our talented team to rebuild our financial strength, drive innovation, and nurture future leaders who will carry our legacy forward," says Pek, who joined the company in 1990 and was its CEO when Tiong Seng was listed in 2010.
Pay Sim Tee, the current Tiong Seng CEO, will continue as an executive director. Pay is Pek's cousin. Pek Zhi Kai, son of Pek Lian Guan, will continue to serve as an executive director as well.
Tiong Seng shares last traded at 10 cents, up 11.11% year to date.
