Kimly executives Lim Hee Liat and Chia Cher Kiang released on bail

They were arrested over suspected violations of the Securities and Futures Act.

Coffee shop chain Kimly executive chairman Lim Hee Liat and executive director Chia Cher Kiang have been released on bail by the Commercial Affairs Department (CAD) after being arrested for suspected of being involved in an offence under Section 199 of the Securities and Futures Act.

According to an announcement, Lim and Chua continue to assist in investigations, and no formal charges have been made against them by CAD.

On 22 November, CAD asked for documents related to the company’s initial public offering (IPO) and its acquisition of Asian Story Corporation (ASC); IT equipment used by Lim, Chia, and former non-executive director Ong Eng Sing; as well as corporate secretarial records of the company from 2016.

On 29 November, Kimly announced the cancellation of its acquisition of ASC. Only $12m of the $16m has been returned to Kimly by the vendor, Pokka Corporation executive Wang Chia Yie, who will then repay almost $4m for the next three years.