Staff Reporter
Published:
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The group reported $103,727 in outstanding contributions across five subsidiaries.
Mary Chia Holdings has admitted shortcomings in its disclosure processes after Singapore Exchange Regulation questioned its omission of Central Provident Fund (CPF) arrears and court proceedings involving four subsidiaries.
The group reported $103,727 in outstanding CPF contributions across five subsidiaries as of 9 October, following reconciliation by the CPF Board. This compares with approximately $153,000 stated at a court hearing on 8 October.
In its 11 September announcement, the group had disclosed $50,208 in outstanding contributions involving only Mary Chia Beauty & Slimming Specialist.
Mary Chia said it had failed to sufficiently consolidate and reconcile information across its human resources, finance, and management functions when preparing the earlier announcement.
"The company acknowledges that the omission arose from shortcomings in its internal information consolidation and disclosure assessment processes," it said in a filing dated 9 October.
The group added that its CEO and human resources manager were aware of the respective court notices upon receipt, whilst its current independent directors were first informed of the other four subsidiaries' outstanding contributions and involvement in the court proceedings on 8 October.
Mary Chia said it is reviewing its internal reporting and disclosure procedures, particularly the verification of statutory liabilities, regulatory matters, and legal proceedings across the group.
The company has also been making progressive payments towards its CPF arrears since June, including approximately $29,734 paid on 6 and 7 October.
The court proceedings involving the five subsidiaries have been adjourned to 12 November.
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