The allegations in the report are the same as those in a previous whistle-blower report from FY2024
[SINGAPORE] Metal manufacturer Nam Lee Pressed Metal Industries’ managing director, Eric Yong, was interviewed by the Corrupt Practices Investigation Bureau (CPIB), the company said in a bourse filing on Friday (Oct 31).
The interview was over a whistle-blowing report which concerned certain allegations against Yong, which the company did not disclose. Yong has not been charged and his passport has not impounded. He has been informed by CPIB that he is free to travel.
Based on information provided by Yong, “it appears that” the allegations are the same as what was previously raised in a whistle-blowing report received by the Audit Committee (AC) in FY2024 ended Sep 30, Nam Lee said. The AC had referred it to the internal auditors who concluded that nothing has surfaced or indicated a need for further investigation.
However, in the course of the internal auditors’ investigations, procedural lapses and control gaps in operational matters were uncovered and reported to the AC, said the company. The AC then highlighted the issues to management, and the required remedial actions have been undertaken, it added.
These actions were done in the course of reviewing the whistle-blowing report back in 2024, and two different independent professional services firms were appointed to review the work and findings. RSM SG Risk Advisory was the internal auditor and EY was the external auditor for Nam Lee.
“Guided by these, the independent directors were unanimously of the view that the 2024 review had adequately addressed the allegations raised in the 2024 whistle-blowing report, and that no further action on the 2024 review was warranted,” said Nam Lee.
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In light of the CPIB interview, Yong has recused himself from deliberations and decisions of the nominating committee (NC), of which he, as an executive director, is a member. Yong is also the cousin of executive director Adrian Yong and chairman Joanna Yong. Adrian Yong has also recused himself from the NC relating to this announcement.
The NC has concluded that Eric Yong can continue in his role as the managing director, with “no new factual information” that would cast doubt on his character or integrity, said Nam Lee. The company does not expect the present allegations to lead to a material financial impact.
“The NC thus considers that there is no immediate necessity to implement any particular precautionary steps in respect of managing director at this juncture,” said Nam Lee.
Shares of Nam Lee closed unchanged at S$0.565 on Friday, before the announcement.
