Blackwell Global Holdings has announced that one of its directors, Michael Chai, was arrested in January 2024 and is currently in custody in the Philippines.
The company clarified that the arrest and incarceration are unrelated to its operations.
Independent directors, Sean Joyce and Craig Alexander, have expressed their disappointment over the development and have already sought Chai's resignation.
They are now seeking legal advice and examining the implications of the situation on the company.
Blackwell Global Holdings stated that it will provide further updates to the market next week.
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