OUE Lippo Healthcare
OUE Lippo Healthcare (OUELH) said yesterday that it has received letters from solicitors of the company's former chief executive and major shareholder Fan How Kin, demanding payment for about $3.4 million in total for alleged loans owed.
This was carried out through corporate vehicle Golden Cliff International, which is wholly owned by Mr Fan.
OUELH received a letter on Jan 24 from Golden Cliff International's solicitors, demanding payment of $3.15 million. OUELH's indirect wholly owned subsidiary OUELH Medical Assets also received a letter from Golden Cliff International's solicitors, demanding payment for $235,000.
Mr Fan was made a bankrupt on March 30, 2017, and is a defendant in proceedings commenced by the company for breach of fiduciary duties and unlawful conspiracy.
The company said that it is consulting legal advisers on addressing the above claims.
Catalist-listed fintech company Ayondo called for a trading halt at 7.40am yesterday, pending an announcement. The social trading platform had announced on Jan 23 the resignation of its chief executive Robert Lempka.
It posted a second-quarter 2018 net loss of three million Swiss francs (S$4.1 million) from a loss of 1.5 million francs for the same period a year ago as trading revenue dipped.
Its shares last traded down 1.2 Singapore cents, or 20 per cent, at $0.048 on Tuesday.
The entry of incorrect unit costs, the understatement of administrative expenses, and insufficient manpower and expertise in the finance and accounting department were the three key inadequacies in internal controls that led to lapses in the recording of transactions, said Y Ventures in a filing with the Singapore Exchange (SGX) yesterday.
The group was responding to queries from the SGX. It said it faced "higher complexity" in the buying process and documentation of its inventory last year, coupled with tight manpower. This resulted in "considerable stress" on its internal control systems and standard operating procedures.
It said that it has taken steps to rectify the problems. The company's audit committee is of the view that the firm's present internal controls are "adequate and sufficient". It aims to have more regular audit committee meetings in addition to half-yearly meetings, and continue to engage with its internal auditors.