OxPay CFO under investigation by Commercial Affairs Dep't

The investigation is in no way related to OxPay or the group.

OxPay Financial chief financial officer is reportedly under investigation by the Commercial Affairs Department (CAD).

In an official statemente filed at the Singapore Exchange, OxPay Financial said that its CFO Ng Kok Peng received a notification from CAD stating that they have valid reasons to suspect that he has engaged in illegal activity.

Ng is said to be in trouble in relation to Section 203 in conjunction with Section 331 of the Securities and Futures Act 2001 of Singapore (SFA).

Peng has clarified that the alleged offense occurred during his tenure as the CFO of TEE International and is unrelated to OxPay or its affiliated entities.

As of the present date, no formal charges have been filed against Peng. However, Peng will be subjected to an arrest followed by release on bail. 

Additionally, Peng will be obliged to surrender his passport.

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The board acknowledged that Peng was tapped by CAD last year and on 11 May 2023 regarding the subject matter with TEE, where he was employed from 10 November 2020 to 18 August 2021.

The investigation only follows a regulatory announcement dated 17 February 2022 from the Singapore Exchange Regulation (SGX) about the possible listing breaches done by TEE.

These breaches were late disclosure of letters of demand and claim for overdue trade-related payables against TEE and its affiliates, said OxPay in a filing.

The board will diligently oversee the ongoing investigation, taking into account updates provided by Peng. Based on any new information that arises, the board will assess Peng’s suitability to continue serving as the CFO of OxPay.