Cordlife director Zhai Lingyun arrested over potential disclosure breaches

He got released on bail.

Cordlife’s non-executive director, Zhai Lingyun, was arrested in connection with potential disclosure breaches related to irregular cryogenic storage tank temperatures.

In a bourse filing, Cordlife said Zhai got arrested when he attended his interview with the Commercial Affairs Department on 25 July but got released on bail.

Following his arrest, Zhai will continue his role on Cordlife’s board. The company noted that Zhai has been “overseeing and providing guidance” on addressing and investigating the lapses identified by the Ministry of Health in the company’s Singapore operations.

Cordlife, however, assured that it will “continue to consider and assess the suitability of Zhai to continue serving on the Board, pending the development of the investigations.”

Meanwhile, Cordlife said its board is already identifying new independent directors to enhance its capabilities, guide management on rectifying lapses, address corporate governance issues, lead risk management, and manage outstanding regulatory matters.