SINGAPORE – SGX RegCo has told Epicentre Holdings’ board of directors that the company must obtain the bourse regulator’s approval before appointing a director or an executive officer.
The regulator issued the compliance notice in accordance with Catalist Rule 305(1)(c), and over concerns regarding Epicentre’s state of affairs and that its executive chairman and acting chief executive officer, Kenneth Lim Tiong, had been uncontactable since May 24.
Epicentre’s independent auditor Deloitte & Touch said that there “have clearly been governance and internal control issues” at the former Apple reseller.
Many of Epicentre’s previous transactions are being reviewed by the auditor.
Deloitte said that one of the transactions – a S$1.76 million bridging loan taken from Encore Investment Group – should have been discussed with the Catalist sponsor on whether it constituted an interested person transaction.
“This potentially raises issues in terms of the group’s and the company’s ability to continue as a going concern,” it added.
Epicentre has also received a statutory demand from three of its former independent directors for S$50,001 in outstanding directors’ fees.