The board is in the process of identifying additional independent directors who can guide the management on effectively rectifying the company’s lapses
ANOTHER Cordlife director has been arrested in relation to alleged breach of disclosure obligations.
A bourse filing by the private cord-blood bank on Monday (Jul 29) said that Zhai Lingyun attended an interview with the Commercial Affairs Department last Thursday, and was arrested in connection with investigations before being released on bail.
Zhai was appointed as a non-independent non-executive director in December 2019, and last re-elected in April 2023.
Cordlife has been in the spotlight after it was revealed last November that seven of its 22 storage tanks were exposed to temperatures above acceptable limits. The cord-blood bank remains suspended by the Ministry of Health (MOH) from collecting or processing new cord blood.
On Monday, Cordlife said its board was of the view that it would be in the interests of the company for Zhai to continue serving on the board, since he had been “overseeing and providing guidance” on the ongoing work undertaken by the company to investigate and address the lapses identified by MOH.
The board is also in the process of identifying additional independent directors to strengthen the capabilities of the board who can guide the management on effectively rectifying the company’s lapses, Cordlife added.
Cordlife’s shares ended flat on Monday at S$0.148.
