This fee was equivalent to more than a third of the company’s available cash balance at the material time.
Eneco Energy, better known by its former name Ramba Energy, has possibly breached the Companies Act and the SGX RegCo is referring the case upwards for further probes.
In 2019, it was ordered by SGX RegCo to appoint an independent reviewer to look into the circumstances surrounding the payment of US$2.88 million by Eneco Energy’s subsidiary to an Indonesian broker in November 2018.
