Mary Chia admits disclosure lapses over CPF arrears at four subsidiaries after SGX queries

Mary Chia Holdings, a beauty and wellness group, has admitted to disclosure lapses regarding CPF arrears and court proceedings involving four of its five subsidiaries. The omission came to light after Singapore Exchange Regulation (SGX RegCo) questioned why these matters were not disclosed in the company's September 11 announcement.

The CEO and human resources manager were aware of the court notices, and the independent directors learned of the discrepancies during an internal audit meeting in May. The company attributes the omission to shortcomings in its internal information consolidation and disclosure assessment processes. The outstanding CPF contributions across the five subsidiaries have been revised to S$103,727 as of October 9, down from approximately S$153,000 stated during a court hearing.

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