Singapore Arrests Restaurant Chain CEO for Suspected Trading Breach

(Bloomberg) -- The head of Singapore restaurant chain No Signboard Holdings Ltd. was arrested on “reasonable suspicion” of breaching the Securities and Futures Act.

Chief Executive Officer Lim Yong Sim was arrested and released on bail, the restaurant known in the city-state for its signature white pepper crab dish said in a statement on Thursday. The suspected breach is in connection to an abortive share buyback, in which shares were purchased at a price above the permitted level and during a black-out period.

Lim hasn’t been charged with any offence, the company said, adding that its business will not be affected and will continue as usual.

No Signboard said April 29 it was requested by the Commercial Affairs Department, the white-collar crime police, to assist in investigations. Both its CEO and Chief Financial Officer Voon Sze Yin gave statements to the CAD, and Lim’s passport was retained.

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