The shareholders asked that the auditor look into whether there were any"irregularities" committed by Raffles Education directors, which gave rise to Mr Prakash's complaint with the Commercial Affairs Department of the Singapore Police Force.
Raffles Education chairman and chief executive officer Mr Chew subsequently said in a statement that, to his knowledge, there is no CAD investigation against him, his wife or his son. He also noted that Mr Prakash and Educomp are being probed by India's investigation agency for major corporate fraud.
The arbitration tribunal in April 2017 awarded Raffles Education damages of 16.32 crore rupees plus 5.33 per cent interest. The mainboard-listed company has initiated enforcement proceedings in India to recover these sums, and commenced a lawsuit in Singapore against Mr Prakash in relation to the arbitration award.
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