SINGAPORE (THE BUSINESS TIMES) – Luxury car distributor EuroSports Global said no charges have been made yet against its former chief executive officer (CEO) Goh Kim San, who was arrested by the Commercial Affairs Department (CAD) on Thursday (Dec 2).
In a bourse filing, the group said Mr Goh was asked to be at the CAD’s office at 3pm to be arrested, but was released about an hour later on a bail of $50,000.
In August, he was suspended from his duties amid an investigation by the CAD. He was also executive chairman and director of the company, but had “voluntarily agreed” to step down.
Given that he has not been charged with any offence so far and has been cooperating with investigations, EuroSports said its nominating committee and board have concluded that he should continue with his duties as executive chairman, CEO and director.
The group noted that Mr Goh is also the key person handling the account of Lamborghini and is required to continue to work with Lamborghini on the car dealership in Singapore. “Over the course of many years, Mr Goh has built up a personal relationship of trust with Lamborghini and this relationship is key to the dealership in Singapore,” it said.
It further said Mr Goh’s leadership is “crucial” to lead the company out of its financial situation wrought by Covid-19.
Mr Goh is also “required to provide leadership and direction” as the group’s subsidiary begins production of the new electric motorcycle; he will continue to be “tasked to groom the next generation of leaders” to take over the company.
EuroSports had been served with an order by the CAD and the Monetary Authority of Singapore (MAS) under Section 20 of the Criminal Procedure Code (Cap 68, 2012 Revised Edition), which requires the company to produce certain documents needed by the authorities for the investigations, which are ongoing.