Koyo International’s managing director being probed for possible fraud

For allegedly breaching the Securities and Futures Act.

Catalist-listed specialist engineering services provider Koyo International said that its managing director Foo Chek Heng is being investigated by the Monetary Authority of Singapore and Commercial Affairs Department (CAD) of the Singapore Police Force for possible offences under section 197 of the Securities and Futures Act (SFA).

Section 197 of the SFA concerns false trading and market rigging transactions.

In an announcement to the SGX, Koyo International said that Foo was interviewed by the MAS and CAD and has also handed over his travel documents as well as certain devices and documents to them.

Foo informed Koyo’s board that he disputes the allegations and will cooperate with the investigation.

“The Board of Directors wish to emphasise that the business and operations of the Company are not affected in any way by this investigation and will continue as normal,” Koyo International said.