Singapore Kitchen Equipment CFO Chow Mei Ling resigns

SINGAPORE (THE BUSINESS TIMES) - Catalist-listed Singapore Kitchen Equipment's (SKE) chief financial officer (CFO) Chow Mei Ling tendered her resignation for the role on Aug 8, the company said in a regulatory filing on Thursday (Aug 19).

She cited personal reasons, as well as her intention to pursue another career opportunity, for her resignation.

SKE's board said that it had accepted Ms Chow's resignation after considering it was satisfied that her stepping down would not affect the ongoing statutory audit of the company's financial statements and the continuity of its financial management.

Ms Chow's last day of employment will be Aug 31, following which financial controller Serine Yeo Ngen Huay will assume the role of CFO from Sept 1.

SKE noted that since her appointment on June 3, Ms Yeo has worked with Ms Chow and undertaken all aspects of financial management at the company as well as the ongoing financial year 2020 statutory audit, and that the company will ensure proper handover from Ms Chow to Ms Yeo during the transition period.

The company's nominating committee reviewed Ms Yeo's experience and ability before the board approved her redesignation to CFO.

The announcement comes after auditors flagged eight transactions in SKE's accounts in relation to an altered bank statement and reported the company to the Minister for Finance on July 30.

The transactions, which took place between SKE and its major shareholder QKEH, were listed in a debit note QKEH issued to SKE that amounted to some $1.4 million. Approval for payment of this debit note had not been sought from SKE's board.

SKE has said this sum was subsequently refunded to it in March and August this year, following the discovery of the irregularities.

Slightly more than half this sum went to employee bonuses paid out in January 2019, while somne went to payments for a staff incentive trip, office rental and donations.

There was also a substantial amount of some $323,140, however, paid to an unrelated third party called Activa Media, which purportedly provided Facebook advertising, for which it charged $295,320 to SKE's wholly-owned subsidiary Q'son Kitchen Equipment.

Trading of SKE's shares has been halted since Aug 2.