Memiontec founders out on bail amidst CAD probe

They will continue in their executive roles at the company.

Memiontec’s executive director and chief executive officer (CEO) Tay Kiat Seng and managing director and spouse of Tay, Soelistyo Dewi Soegiharto have attended interviews at the office of the Commercial Affairs Department (CAD) on 14 August.

The interviews are part of CAD’s investigations regarding an offence under Section 201 of the Securities and Futures Act 2001, which is related to the use of manipulative and deceptive devices.

After attending the interviews, both were arrested and subsequently released on bail. Soegiharto surrendered her passport to CAD, whilst Tay is allowed to travel outside of Singapore, subject to prior clearance by CAD.

The company’s nominating committee (NC) said that based on the Catalist Rules, both Tay and Soegiharto are suitable to continue as Directors of the Company, and recommended the same to the board. No immediate additional measures are required concerning their continued appointment.

Both Tay and Soegiharto will provide updates when material developments arise and the company will make announcements when necessary. 

Meanwhile, the NC and the board will monitor the progress and further developments about the investigations and compliance with the requirements of the Catalist Rules.