Cosmosteel chiefs face corruption probe

They are currently released on bail.

Mainboard-listed Cosmosteel Holdings is reeling with news that two of its chiefs are facing a corruption probe and have been released on bail.

The firm revealed on Wednesday that its CEO, Ong Chin Sum, and an Executive Director, Ong Tong
Yang, were called in by the Corrupt Practices Investigation Bureau and are currently released on bail.

This is in relation to an alleged offence under Section 6(b) of the Prevention of Corruption Act, Chapter 241 (the “Act”) relating to the giving of illegal gratification to an agent.

“The Company has been given to understand that neither Mr Ong Chin Sum nor Mr Ong Tong Yang has been charged, whether under the Act or otherwise, with any offence. Save as aforesaid, the Company does not have any further information on the background or circumstances of the investigations into Mr Ong Chin Sum and Mr Ong Tong Yang at this juncture,” noted Cosmosteel’s announcement.