According to the company, the report does not highlight any new transactions that require further scrutiny. The report touches on Fu Yu’s acquisition of Avantgarde Enterprise, now Fu Yu Supply Chain Solutions, the alleged misuse of the subsidiary’s resources and the payment of a pre-paid commission of US$2.98 million ($3.8 million).
Law firm Rajah & Tann has completed its report pertaining to the investigations over the ongoing probe of its subsidiary unit Fu Yu Supply Chain Solutions, announced Fu Yu Corporation (SGX:F13
) on the evening of June 17.
The report is finalised but has not gone through the Maxwellisation process, where individuals or organisations criticised in an official report are given the chance to report before publication. Fu Yu said it will conduct a full Maxwellisation process, which is expected to take between four to six weeks.
