KTL Global, a supplier of rigging equipment to the offshore oil and gas, said its chief executive officer has been asked to assist authorities in an investigation concerning a possible offence under the Securities and Futures Act.
KTL Global's Tan Kheng Yeow informed the board that he will co-operate fully with the Monetary Authority of Singapore and the Commercial Affairs Department in their investigation, the company said in a Singapore Exchange announcement on Monday.
The company said it was not affected in any way by this investigation and will continue as normal.
Tan, 45, has been executive director of KTL Global since 2007 and his brother Tan Kheng Kuan is the group's executive officer.
KTL's Executive Chairman Tan Tock Han is the father of Tan Kheng Yeow and Tan Kheng Kuan, and they are also controlling shareholders of the company.
Shares in KTL Global slumped 14 percent to S$0.03 on the Singapore Exchange. The stock has lost 28 percent so far this year.
