Mary Chia’s CPF court case faces SGX scrutiny, auditor flags 12 areas of concern: Markets this week

Mary Chia Holdings, a listed company in Singapore, is facing scrutiny from the Singapore Exchange (SGX) over its decision not to disclose a court case concerning unpaid Central Provident Fund (CPF) contributions. The company's independent auditor, Foo Kon Tan, issued a disclaimer of opinion on its financial statements for the year ended March 31, citing unresolved issues across 12 areas, including revenue, inventories, borrowings, staff costs, and its ability to continue as a going concern.

Evolve Capital Advisory, the company's sponsor, disagreed with the company's decision and considered the court proceedings a significant escalation from an operational compliance matter undergoing rectification.

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