Cordlife announces arrest of one more director amid investigations into mishandling of

According to Cordlife’s website, Ms Chen was appointed as a director of the company on Dec 1, 2021, and was last re-elected on Apr 29, 2022.

She is a nominee director of Nanjing Xinjiekou Department Store, which has a 20.3 per cent stake in Cordlife, holding senior assistant president and senior director roles in the Shanghai Stock Exchange-listed company.

Ms Chen is also a member of the Shandong Cord Blood Bank’s board of supervisors and a member of the boards of Findgene and Dendreon US, the Cordlife website said.

In its filing, Cordlife said that Ms Chen will retain her role on its board.

“Given that Ms Chen will be overseeing and providing guidance on the ongoing work undertaken by the
company to investigate and address the lapses identified by the Ministry of Health (MOH) in relation to the company’s Singapore operations, the board – with Ms Chen recusing herself from deliberations and decisions of the board on this matter – is of the view that it would be in the interests of the company for Ms Chen to continue serving on the board,” said Cordlife.

“The board will continue to consider and assess the suitability of Ms Chen to continue serving on the board, pending the development of the investigations.”

Besides Ms Chen, the seven other Cordlife-linked individuals arrested and released on bail in connection with the case are: Former group CEO Tan Poh Lanchief financial officer Thet Hnin Yi, acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Jim Cheong Tuck Yan, non-independent non-executive director Chow Wai Leong and Mr Yiu, who is another non-independent non-executive director.

The company will monitor the progress of the investigations and will cooperate fully with all regulatory authorities, it said, adding that the group’s operations will “continue to operate as usual”.

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