Cordlife retains Chen Xiaoling on board after arrest

Chen will oversee the internal investigation into company lapses in Singapore.

Cordlife director Chen Xiaoling was arrested for potential disclosure breaches related to irregular temperatures in a company cryogenic storage tank.

In a bourse filing, Cordlife said Chen has been released on bail and will continue serving the company's board.

Explaining the rationale for retaining Chen on the board, Cordlife said the non-independent, non-executive director will oversee and guide the investigation into lapses identified by the Ministry of Health in the company's Singapore operations.

Meanwhile, the company said its board is seeking additional independent directors to guide management on rectifying lapses, addressing corporate governance issues, leading risk management, and handling matters with regulators.