Khua Kian Keong, the Chief Executive of Vibrant Group, has been found guilty of causing grievous hurt. The announcement was made through a bourse filing, as reported by The Straits Times.
The incident took place over two years ago, when Khua allegedly pushed Tan Tock Han, the former chairman of KTL Global, down a flight of stairs, resulting in a severe fracture to Han’s right shoulder.
The motive behind this altercation was reportedly a dispute involving a substantial debt of $2.4 million owed by Tan Tock Han.
Khua Kian Keong, who is 55 years old, has been convicted under Section 325 of the Penal Code 1871 of Singapore. This section stipulates that individuals who voluntarily cause grievous hurt can face imprisonment of up to 10 years, along with a significant fine or caning.
However, due to Khua’s age, he will be exempt from caning.
The court is set to reconvene in October for the mitigation and sentencing phase. Meanwhile, Khua is seeking legal counsel to determine the best course of action for his defense.
The conviction of their Chief Executive has sent shockwaves throughout Vibrant Group’s board and nominating committee. The company is now navigating a challenging period as they assess the implications of this incident on their reputation, operations, and stakeholders.
Khua has assured the board of his full cooperation and has pledged to keep them informed of any significant developments.
Following the announcement, shares of Vibrant Group experienced considerable volatility. On the day of the news, the stock surged by 7.5 per cent or $0.005, reaching a closing price of $0.072.
Investors and analysts are closely monitoring the situation to gauge its potential long-term impact on the company’s financial performance and market value.
The news of a corporate leader facing criminal conviction has raised concerns about corporate governance, ethics, and leadership in the business world.