Epicentre Holdings will be delisted upon completion of a special audit, which uncovered multiple breaches, including loans taken out by parties including its own former chairman but the money not reflected in the bank balances.
According to EY, the special auditor, Lim Tiong Hian, the company’s own executive chairman who was since been fired and uncontactable, took out loans of some $27.64 million purportedly on behalf of the company.
The balances were not fully recorded in the company’s books.
In addition, the company took out loans totalling some $40.66 million, of which S$8.09 million was not recorded in the Epicentre Group’s accounting and banking records.
The audit was requested back in May 30 2019, Lim became uncontactable for a week. Just days prior, the company received statutory demands from creditors.
Epicentre has been placed under judicial management since Sept 4 2019. Last November, the judicial managers sought and received a court order to put the company in liquidation.
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According to SGX RegCo, the winding up application was approved on Jan 13 and the company will be delisted in “due course”.
