Oxley had said allegations of Ching’s involvement in Venice corruption probes were untrue
PROPERTY developer Oxley Holdings issued further clarifications to the allegations around its CEO in a bourse filing on Thursday (Jul 25).
The company announced that upon further examination of the background facts, executive chairman and chief executive officer Ching Chiat Kwong informed the board that he was representing Oxley in considering Pili Land in Venice. He had considered the possibility of Oxley developing the land into a waterfront township.
A preliminary feasibility study was carried out, but the results showed that the costs would be too high for the project to be commercially viable. No further steps were taken regarding Pili Land and no discussions about the purchase price or any other details had taken place.
In an earlier announcement on Wednesday, Oxley said that allegations of Ching’s involvement in corruption investigations against public officials in Venice, Italy were unfounded and untrue. This was in response to three new articles detailing his involvement in a probe involving Venice mayor Luigi Brugnaro, who allegedly granted favours to developers for kickbacks.
Other than Pili Land being undertaken as a project by Oxley, the other purchases of Palazzo Donà and Palazzo Papadopol were Ching’s own personal investments.
Shares of Oxley Holdings closed unchanged at S$0.079 on Thursday.
