Cordlife, the Singaporean private cord blood bank, revealed on March 27th in a regulatory filing the arrest of its Chief Financial Officer, Thet Hnin Yi, over potential breaches related to the company’s disclosure obligations concerning the handling of cord blood units. Despite these developments, the company’s nominating committee and board expressed their intention for Ms. Thet to continue in her role as CFO, citing several reasons to support their decision.
Ms. Thet’s arrest followed her attendance at an interview with the Commercial Affairs Department, after which she was released on bail. Cordlife emphasized Ms. Thet’s extensive tenure of approximately 17 years with the company, highlighting her familiarity with its operations and financial intricacies. Her deep understanding of Cordlife’s historical and current financial data was deemed invaluable for informed decision-making by the board.
Furthermore, Cordlife underscored Ms. Thet’s ongoing collaboration with external auditors to finalize the accounts for the financial year ending December 31, 2023. Cordlife reassured stakeholders that the suitability of Ms. Thet’s continued appointment as CFO would be continuously assessed in accordance with regulatory requirements.
The nominating committee and board emphasized Ms. Thet’s proactive involvement in addressing lapses identified by the Ministry of Health and her contributions to ongoing investigations. They acknowledged her deep financial knowledge and experience as crucial assets, essential for guiding the board through challenging times.
This development comes amidst heightened scrutiny of Cordlife’s processes following revelations of suboptimal storage temperatures affecting cryopreserved cord blood units in November 2023. Previously, on March 22, Cordlife announced the arrest of its former group chief executive and four board members, further underscoring the company’s challenges and the ongoing regulatory scrutiny it faces.
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