SINGAPORE - Innopac Holdings owes its outgoing chairman and chief executive Wong Ching Yong just shy of $492,000 for unused leave dating back to 2008, the firm disclosed on Wednesday night (Dec 26) in response to Singapore Exchange (SGX) queries on its financial results.
In its filing, Innopac said it recorded $491,920 for unused leave accumulated from 2008 to 2018 due to Mr Wong in its results for the quarter ended September 2018. The firm said that the "significant amount due to the CEO goes back to 2008 as he was unable to utilise all his leave entitlement as he had been the only executive director of the company and group".
Innopac said on Thursday that the amount has been recorded in Innopac's books over the years, but have not been paid to date.
Mr Wong resigned last week, just about a month after the firm was directed by the SGX to explain how it assessed businesses that the firm had planned to sell at a sharp discount to Mr Wong.
According to Innopac's SGX filings then, Mr Wong plans to step down on March 31, 2019.
The company's group financial controller, Priscilla Tan, is also owed $5,815 for unused leave in the current year 2018. Other staff, ranging from its accountant to administrative assistant, are also owed compensation for unused leave from 2017.
Correction note: An earlier version of this story said that Mr Wong was paid the accrued amount for unused leave. Innopac has clarified that Mr Wong has not been paid that amount.