The bail amount for each person has been set at $30,000.
The arrest was made in relation to the investigations in relation to a claim by Affin Bank Berhad against some of the company’s subsidiaries, including Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd.
The investigations are still ongoing and none of the company’s directors has been charged for any offence.
According to Raffles Education, the directors involved have cooperated with the authorities and will continue to do so.
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They will continue to serve as directors and, or executive officers of the company in the meantime.
As at 9.13am, shares in Raffles Education are trading 0.1 cent lower or 1.35% down at 7.3 cents.
Photo: Raffles Education
