SINGAPORE (THE BUSINESS TIMES) – Luxury car distributor EuroSports Global announced on Wednesday evening (Sept 1) that Mr Joshua Goh Yi Shun, the son of its former chief executive, will take up the role of deputy chief executive and director of EuroSports Technologies.
EuroSports Technologies is a subsidiary of the company and an electric motorcycle maker.
The elder Goh, Mr Melvin Goh Kim San, has been suspended from his duties amid an investigation by the Commercial Affairs Department (CAD). He was also executive chairman and director of the company, but had “voluntarily agreed” to step down, EuroSports Global said in an earlier announcement.
When Mr Melvin Goh stepped down, his brother – deputy CEO Andy Goh Kim Hup – had then taken over as the interim executive chairman and CEO.
The company also disclosed last month that Mr Melvin Goh was at the CAD on Aug 4 for an investigation under the Securities and Futures Act (Cap 289), which governs the regulation of activities and institutions in the securities and derivatives industry.
EuroSports had been served with an order by the CAD and the Monetary Authority of Singapore under Section 20 of the Criminal Procedure Code (Cap 68, 2012 Revised Edition), which requires the company to produce certain documents which the authorities need for the purpose of their investigation. The group said on Wednesday that it has furnished the documents and the investigations are still ongoing.
Mr Joshua Goh has also been appointed director of the company’s subsidiaries, including EuroSports Auto, EuroAutomobile, Prosper Auto and deLaCour Asia Pacific. He will assist with the overall operations of EuroSports Technologies and the subsidiaries.
The company said that the board, having considered his qualifications, experience and skills and the recommendation of the nominating committee, approved his promotion from executive CEO to deputy CEO and director of EuroSports Technologies as of Sept 1.
Shares of EuroSports Global ended Wednesday at 20 cents, down 0.5 cents, or 2.4 per cent.