Singapore Arrests Restaurant Chain CEO for Suspected Trading Breach

(Bloomberg) -- The head of Singapore restaurant chain No Signboard Holdings Ltd. was arrested on “reasonable suspicion” of breaching the Securities and Futures Act.

Chief Executive Officer Lim Yong Sim was arrested and released on bail, the restaurant known in the city-state for its signature white pepper crab dish said in a statement on Thursday. The suspected breach is in connection to an abortive share buyback, in which shares were purchased at a price above the permitted level and during a black-out period.

Lim hasn’t been charged with any offense, the company said, adding that its business will not be affected and will continue as usual.

No Signboard said April 29 it was requested by the Commercial Affairs Department, the white-collar crime police, to assist in investigations. Both its CEO and Chief Financial Officer Voon Sze Yin gave statements to the CAD, and Lim’s passport was retained.

In a subsequent statement on Thursday, No Signboard said its CEO and CFO will continue in their roles as no charges have been made. The company will reassess its position when there is a basis to do so.

To contact the reporters on this story: Jasmine Ng in Singapore at jng299@bloomberg.net;Melissa Cheok in Singapore at mcheok2@bloomberg.net

To contact the editors responsible for this story: Joyce Koh at jkoh38@bloomberg.net, Tom Redmond, Melissa Cheok

©2019 Bloomberg L.P.