Mary Chia admits CPF disclosure lapses over subsidiaries
Mary Chia Holdings has admitted to failing to disclose CPF arrears and court proceedings involving four of its subsidiaries. The company attributed the oversight to weak internal reporting processes and is now working to rectify the situation while facing broader financial challenges.
Why it matters
This highlights corporate governance failures and the importance of regulatory transparency for publicly listed companies in Singapore.
Mary Chia Holdings has admitted that it failed to disclose CPF arrears and court proceedings involving four of its five subsidiaries.
Listen Summarise Mary Chia admitted it failed to disclose CPF arrears and court cases at four subsidiaries. SGX RegCo queried the Sept 11 filing, and the group blamed weak internal checks. The CPF Board revised total arrears to $103,727, down from about $153,000. The company said its chief executive knew of the notices, while independent directors learnt later. Mary Chia is reviewing reporting controls and plans instalment payments for the debts. The disclosure issue comes as it faces loan disputes, weak cash flow, and a planned $1 million share issue. AI generated
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