The Board of Directors (the "Board") of Samudera Shipping Line Ltd (the "Company") has been advised by Mr Chng Hee Kok, a non-executive and independent director of the Company that he had, on 20 April 2007, been charged in the Subordinate Courts of Singapore on 3 charges under Section 156(1) of the Companies Act.
Section 156 deals with a director's duty to disclose interests in a transaction with a company at a meeting of the directors of the company. The 3 charges relate to private limited companies in the NTUC Club Group, Mr Chng's employer.
The case has been adjourned to a later date.
The Board understands, based on legal advice taken by Mr Chng, that the offences would not result in the disqualification of Mr Chng to continue as a director of the Company, even if Mr Chng pleads guilty.
BY ORDER OF THE BOARD
20 April 2007