Cordlife probe: Another director arrested over mishandling of cord blood units

SINGAPORE — Another Cordlife director has been arrested amid the investigations into the company's mishandling of cord blood units.

According to a bourse filing on Friday (April 5), 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 offices of the police's Commercial Affairs Department (CAD).

He is the seventh person to be arrested in connection with the case.

"The company understands that the offence is similarly in connection with potential breaches of the disclosure obligations of the company in relation to the irregular temperatures of a certain cryogenic storage tank of the company, which was first disclosed by the company in its announcement dated Nov 30, 2023," said Cordlife.

Three other directors who were required to attend police interviews on April 2 did not do so. They are former chairman Joseph Wong Wai Leung, Mr Zhai Lingyun and Ms Chen Xiaoling.

Mr Wong had informed the CAD that he was unable to attend the interview due to health reasons and is "uncertain on the next interview date pending the CAD's agreement".

Mr Zhai and Ms Chen have also obtained CAD's agreement to postpone their police interviews to May 21.

The six others who have been arrested and released on bail 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.

The company said it will continue to remain under a trading halt as of Friday, pending the "preparation and finalisation of an announcement that will be released separately".

Seven of Cordlife's storage tanks were exposed to temperatures above acceptable limits, damaging cord blood units belonging to at least 2,150 clients. Another 17,000 clients were possibly affected. CNA