Published on the Business Times: here
- An article in a blog on the Internet had alleged that company executives misappropriated funds and Stemlife has bad business practices such as storing infected cord blood with clean samples.
StemLife said that the allegations in the blog article were malicious and defamatory.
The blog "10 Reasons Why You Shouldn't Use Co. X" was created by an individual claiming to be a former employee of the company.
While the individual does not disclose the company's name in the blog, the allegations are clearly targeted at StemLife.
It also mentioned that a Singaporean cord blood service provider, which had initially invested in StemLife, had sold its shares in 2003 after finding out the latter's alleged practices.
StemLife said some clients and shareholders had expressed concerns over the allegations and would gladly meet the "supposed" former employee on all matters raised.
It found out about the blog shortly after the first posting on a foreign blog site in late July.
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