Lum Chang Board reveals MD attended multiple CPIB interviews regarding Iswaran
Lum Chang's Managing Director, David Lum, attended Corrupt Practices Investigation Bureau interviews regarding Iswaran's case, with no charges filed against him, confirms the Board. Mr Lum has not faced any charges nor have any restrictions been imposed on him by the CPIB.
In the wake of new charges filed against former Transport Minister S Iswaran on Monday, Lum Chang Holdings Limited has found itself in the spotlight due to mentions of its Managing Director and construction subsidiary.
In an announcement on the Singapore Stock Exchange (SGX), the Board of Directors of Lum Chang Holdings Limited stated, "The Board of Directors (the 'Board') of Lum Chang Holdings Limited (the 'Company') has noted the various media reports released on Monday (25 March) in relation to the latest charges filed against former Transport Minister S Iswaran.
The Board is aware that the Company's Managing Director, Mr David Lum Kok Seng who has served since 1985, and its construction subsidiary, Lum Chang Building Contractors Pte Ltd, have been mentioned in the media reports. The Board will make the appropriate announcement(s) as and when there are material developments relating to the matter."
Iswaran faces an additional eight charges under section 165 of the Penal Code, spotlighting his alleged acceptance of gifts from Mr David Lum Kok Seng, Managing Director of Lum Chang Holdings, between November 2021 and November 2022.
These charges, related to Iswaran’s tenure as Transport Minister, accuse him of receiving valuable items such as whisky bottles, golf clubs, and a Brompton bicycle, which are connected to Mr. Lum's oversight of the T315 contract for the Tanah Merah Station and viaducts under Lum Chang Building Contractors and the Land Transport Authority (LTA).
With a total of 35 charges now filed against him, Iswaran has maintained his not-guilty plea.
While Mr Lum’s name has not appeared in the judiciary hearings so far, the connection has prompted Lum Chang Holdings to keep a close watch on the proceedings and prepare to update shareholders and the public as necessary.
In a separate announcement on SGX, the Board responded to queries from SGX about Mr Lum being contacted by the Corrupt Practices Investigation Bureau (“CPIB”) to assist with the charges faced by Iswaran and whether any charges have been filed against him or restrictions imposed by CPIB.
The Board indicated that Mr Lum has communicated to the Board his attendance at multiple interviews conducted by CPIB concerning the investigations into Iswaran. Furthermore, the Board confirmed that, as of now, Mr Lum has not faced any charges nor have any restrictions been imposed on him by the CPIB.
The board states, "The Board and the Nominating Committee have assessed the above and have determined that Mr Lum continues to be suitable to carry out his duties and responsibilities as Managing Director of the Company, unless there are subsequent developments which require the Board and the Nominating Committee to make a re-assessment."
One of the key projects under Lum Chang Building Contractors, a subsidiary of Lum Chang Holdings, is the comprehensive addition and alteration works at Tanah Merah Station.
Awarded in 2016, this S$325 million project is a critical component of Singapore's East-West Line enhancements, slated for completion in 2025. The project aims to add a new platform and concourse, facilitating improved passenger flow and increasing the station’s capacity.
In addition to the Tanah Merah Station project, Lum Chang Building Contractors was awarded a significant contract in 2018 for the construction of a 1.95km section of the North-South Corridor (Tunnel) between Ang Mo Kio Ave 3 and Ang Mo Kio Ave 9. This project, valued at S$799 million, is part of Singapore's first integrated transport corridor featuring continuous bus lanes and cycling trunk routes. The North-South Corridor aims to reduce travel time for commuters and enhance connectivity between the northern parts of Singapore and the city.
The involvement of Lum Chang Holdings and its subsidiaries in significant projects, including the ongoing work with the LTA, places additional scrutiny on the company’s operations and its executives' conduct. Lum Chang Holdings, under the leadership of Mr Lum and his family, has a long-standing history of contribution to Singapore's construction and development landscape.
As this case unfolds, Lum Chang Holdings Limited reassures its stakeholders of its commitment to transparency and ethical conduct while closely monitoring the situation and its potential implications for the company and its executives.
