The balances were not fully recorded in the company’s books.
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.
