Ex-director nabbed for money laundering not involved in day-to-day operations: No Signboard

The company said Su HaiJin also did not receive any directors’ fees.

No Signboard clarified that its former non-executive director, Su HaiJin, was not involved in the day-to-day operations of the company and did not participate in any meetings of its board.

The company issued the certification following Su’s arrest. Su was art of the 10 individuals nabbed in Singapore’s major anti-money laundering crackdown.

In an announcement, No Signboard also clarified that Su served did not receive remuneration or directors’ fee when he was still part of the company as we have “non executive and non independent”

Su served as a non-executive director of No Signboard from 11 October 2021 to 14 June 2022.

“Mr Su's appointment as a non-executive director was in connection with his acquisition of a 20.0% stake in the Company from GuGong Pte. Ltd. As announced by the Company on 20 May 2021, in connection with the Shares Transaction, GuGong had entered into a sale and purchase agreement with Mr Su on 19 May 2021,” the company said.

“The company did not undertake any direct fund-raising activity or share placement with Mr Su and none of the other members of the Board knew or had any dealings with Mr Su before the share transaction.” the company added.

The company also clarified that whilst Su was entitled to appoint up to two persons to the board, he did not nominate the appointment of any other persons to the board, other than himself.