Mary Chia admits disclosure lapses over CPF arrears at four subsidiaries after SGX queries
Mary Chia said the omission was due to gaps in its internal information consolidation and other processes.
Mary Chia Holdings, a beauty and wellness group, has admitted to failing to disclose CPF arrears and court proceedings involving four of its five subsidiaries in its September 11 announcement, despite its CEO being aware of the court notices. The disclosure lapse was brought to light when the Singapore Exchange Regulation (SGX RegCo) queried the company about the omission.
The company attributes the failure to internal information consolidation and disclosure assessment processes, stating that it did not sufficiently consolidate information across human resources, finance, and management functions when preparing the announcement. The company has revised the outstanding CPF contributions across the five subsidiaries to $103,727 as of October 9, down from an earlier estimate of $153,000.
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