Lim How Teck steps down as chairman of Temasek-backed Heliconia Capital months after police arrest

SINGAPORE (THE BUSINESS TIMES) — Lim How Teck has resigned as chairman of Temasek-backed Heliconia Capital months after he was arrested as the independent lead director of Raffles Education Corp.

Lim’s departure comes after he took time off from his role as chairman of the investment firm following his arrest in February this year.

His resignation was announced via a public filing by CSE Global – one of Heliconia’s portfolio companies – on Wednesday August 24.

The international technology group announced in the filing that Lim would step down from his role as non-independent non-executive director of CSE Global with immediate effect as he steps down as chairman of Heliconia.

The investment firm had nominated Lim to serve on the CSE Global board in the first place.

It also means Lim would step down as a member of the Group Audit and Risk Committee, as well as the Nominations Committee.

In February this year, five directors of Raffles Education were arrested, with bail set at $30,000 each, following investigations by the Monetary Authority of Singapore and the Department of Commerce.

The investigations relate to revelations made by the company regarding a claim by Affin Bank against certain subsidiaries of the company, including Raffles K12 and Raffles Iskandar, which operate schools in Malaysia.