Kimly’s Leadership Takes a Detour
Good news to start on the day, Kimly’s top execs—Chairman Lim Hee Liat and Director Chia Cher Khiang—were caught by the Commercial Affairs Department (CAD) in a routine sweep overnight. They’ve been out on bail now, so no one has pressed any charges yet.
What the CAD Says (in Plain English)
- They “were arrested for having been concerned, or reasonably suspected of being involved in, an offence under Section 199 of the Securities and Futures Act.”
- Kimly’s statement to the Singapore Exchange notes the execs “continue to assist in investigations” and warns nothing formal has been filed against them.
- The company will keep shareholders “up‑to‑date as and when there are material developments.”
Why the Police Are Doing a Deep Dive
Earlier this week the same white‑collar watchdogs looked into Kimly’s initial public offering and its bet on drinks maker Asian Story Corp. (ASC). In a twist, Kimly has now decided to walk away from picking up ASC.
A Quick Recap
That’s the gist: the company’s tug‑of‑war with regulators is still brewing, and its coffee‑shop plans are taking a different path.
