SINGAPORE: Surrey Hills Holdings has dismissed Ms Pang Gek Teng from her role as chief executive officer, following her alleged admission of fraud and other misconduct against the company.
The termination took effect on Wednesday (Mar 26), according to a statement issued by the company on Friday.
The company, which runs the Australian-inspired Surrey Hills Grocer, said Ms Pang had admitted to “certain wrongdoings and fraud” against it.
It added that it would carry out further investigations to determine the full extent of her alleged wrongdoings and any associated losses suffered by it.
In response to queries from CNA on Friday, the company said it uncovered irregularities during a routine internal review and financial checks.
This prompted a deeper investigation, which led to the discovery of Ms Pang’s alleged misconduct.
“Upon her admission to these wrongdoings, the company took immediate action, resulting in her termination on Mar 26,” the company said.
Surrey Hills Holdings said it could not disclose specific details about the matter due to its ongoing investigations. However, it said that the alleged fraudulent activities were “serious enough to warrant immediate termination”.
It added that any legal action would be taken after its investigation.
The role of CEO is now being temporarily assumed by Madam Koh Chew Chee, who is a director on the board of Surrey Hills Holdings.
In its statement, the company said that its operations will continue “without disruption”, and the board and management remain committed to the business’ growth.
Ms Pang, 36, a former banker, founded Surrey Hills Grocer in 2021.
In a separate statement, Ms Pang said she was “deeply disappointed with the current situation”, but proud of the company’s growth over the past four years. She added that she needed time to “process what has happened”.
“Though I’m unsure about the future, my commitment to the industry remains strong,” she said.
