KS Energy defends suitability of Kris Wiluan to remain CEO, chairman

OFFSHORE and marine firm KS Energy is standing by the suitability of Indonesian tycoon Kris Wiluan to remain its executive chairman and chief executive officer, even as he faces 112 charges of alleged false trading and market rigging of his company's shares.

In a bourse filing on Friday evening, KS Energy responded to a query from the Singapore Exchange on the assessment by its nominating committee on why Kris Wiluan can continue to head the company. In response, KS Energy said that Kris Wiluan "has not breached company policies in relation to his dealings in securities".

"The charges made in court on August 5 against Kris Wiluan by the CAD (Commercial Affairs Department) relate to actions in his personal capacity and do not relate to actions taken in his capacity as a director of the company," KS Energy said.

The firm also said that Kris Wiluan is currently not disqualified from acting as a director of any companies, and that he has exposure and familiarity with the business environment of group's operations in Indonesia.

Kris Wiluan also assured the nominating committee satisfactorily that he can continue to fulfil his duties as the executive chairman and CEO, it said.

"Therefore, the nominating committee is of the view that the charges will not hinder Kris Wiluan discharging his duties. To the best of our knowledge, he has always been upfront with the board and the directors on company matters," it added.

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Separately, KS Energy also addressed queries from SGX on whether Kris Wiluan's son, Richard Wiluan, has posted bail or surrendered his passport. On this, KS Energy said that Mr Richard Wiluan, who is an executive director at the firm, was not charged and therefore did not have to do either action.

On the identity of Ho Chee Yen, KS Energy said that she is not an employee of the firm. She has been cited in media reports as an employee of Kris Wiluan.

KS Energy also said that none of its other directors or management have been interviewed by the CAD, and that no other employees are facing charges or being investigated, to the best of its knowledge.

In response to a query on the suitability of Mr Richard Wiluan to remain an executive director, the nominating committee said that "a detailed assessment is not warranted" as he does not face charges and has been fulfilling his duties.

Shares of KS Energy plunged 23.5 per cent to S$0.013 on Friday, before a trading halt was called in the afternoon.