JES International says it is abiding by its June 2 SGX announcement alleging unauthorised payments made to former CEO Jin Xin as well as his involvement with questionable transactions in which his interests were not declared.
JES says it has received a letter dated July 2 from Colin Ng & Partners, the law firm which is representing Jin, disputing his resignation as well as the allegations made.
In defence, the group says that although Ju Li Li, a former administrative officer from one of JES’s subsidiaries, had absconded with the originals of Jin’s resignation documents which were placed in her custody, JES says it possesses the scanned copies of his resignation letter as well as his declaration for the May 25 SGX announcement that he was resigning due to health reasons.
JES also revealed that its former CEO is not cooperating with the independent investigation panel convened by the board to investigate the allegations made against him.
So far, he has refused to give his account of events or submit any relevant evidence to support his allegations when asked by the panel.
“In these present circumstances, until and unless the resignation documents are proven to be false and Mr Jin Xin’s signatures therein forged, the board is of the view that the Announcement is not erroneous,” says JES, which has engaged a legal counsel to respond to the Jin’s allegations.
JES shares have been suspended from trading.
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