Board decides he is suitable to continue his current roles after nominating committee re-assesses the matter
[SINGAPORE] Catalist-listed luxury automobile distributor EuroSports Global’s executive chairman and chief executive Melvin Goh will not step down from his roles despite being charged with 19 counts of violating the Securities and Futures Act.
Goh was handed the charges on Tuesday (Aug 5), accusing him of engaging in conduct that is likely to create a false or misleading appearance of active trading in EuroSports Global’s shares, instigating two persons to use deception in the trading of the company’s shares, as well as failing to inform EuroSports Global about the change in his shareholding in the company.
The 68-year-old was arrested in 2021 but has been out on S$50,000 bail.
In a regulatory filing to the bourse on Tuesday, the company said the board has decided that Goh is “suitable” to continue his current roles after the nominating committee has re-assessed the matter and heard his explanation.
Commented the board: “His explanation did not give rise to any defect of character or calls into question his integrity.”
Given that the matter is before the court, the board said it will not reveal the details of Goh’s explanation and noted that he is innocent until proven guilty.
The board also pointed out that Goh will give confidence and continuity to investors and stakeholders as the company is currently fundraising.
EuroSports Global shares rose S$0.002 or 2.1 per cent to S$0.096 on Tuesday.
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