SINGAPORE – Another Cordlife board member has been arrested, the latest in a string of arrests of its senior executives at the troubled private cord blood bank.
In a bourse filing on April 5 at 5.18pm, the company said Mr Yiu Ming Yiu, a non-independent non-executive director on the board, was arrested and released on bail after attending an interview at the police’s Commercial Affairs Department (CAD).
He is the brother of Cordlife’s current group chief executive officer Yiu Pang Fai.
He is the seventh Cordlife leader to be arrested so far, for potential breaches of the company’s disclosure obligations in relation to its mishandling of cord blood units.
The other six are former group CEO Tan Poh Lan, chief financial officer Thet Hnin Yi, acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Jim Cheong Tuck Yan, as well as non-independent non-executive director Chow Wai Leong.
Three other company directors who are not based in Singapore and were originally meant to attend interviews on April 2 will have their interviews postponed, said the company in its bourse filing.
Non-independent non-executive directors Zhai Lingyun and Chen Xiaoling have obtained the CAD’s agreement to do their interviews on May 21.
Independent director Joseph Wong Wai Leung cited “health reasons” for not being able to attend his interview, and is “uncertain about the next interview date, pending CAD’s agreement”.
Despite the arrests, Cordlife maintains that it is in the company’s interest for all its directors, including Mr Yiu Ming Yiu, to continue serving on the board as they have been overseeing the work to investigate and address lapses.
The board will also consider the possibility of the appointment of new independent directors, to serve as additional checks and balances for the company, depending on how investigations evolve.
The company will continue to remain under a trading halt, pending the preparation and finalisation of a separate announcement.
Processes at the cord blood banking company have come under the spotlight after the health authorities revealed on Nov 30, 2023, that cryopreserved cord blood units in seven of its 22 storage tanks were exposed to suboptimal storage temperatures.
Around 2,200 cord blood units in one of the affected tanks were damaged and rendered unsuitable for stem cell transplants.
