PROPERTY investment firm IPC Corporation on Wednesday confirmed that two of its independent directors are under investigation over troubled treatment water firm Hyflux's Tuaspring project.
Teo Kiang Kok and Lee Joo Hai are involved in the probe pertaining to potential lapses in certain disclosures by Hyflux on its Tuaspring integrated water and power project, and possible accounting irregularities. Mr Teo is lead independent director on Hyflux's board, while Mr Lee is a non-executive independent director.
In a regulatory filing, IPC said this matter is unrelated to the group's business, and that its operations are not affected by the investigation and will continue as normal.
As at Wednesday, the board is of the view that both Mr Teo and Mr Lee are able to fulfil their duties professionally as independent directors of IPC.
Mr Teo is also the lead independent non-executive director at Wilton Resources Corporation, and an independent non-executive director at Jadason Enterprises.
In separate statements on Tuesday, Jadason and Wilton announced that he had confirmed his position as a director of Hyflux and his involvement in the investigation.