SINGAPORE - The regulatory arm of the Singapore Exchange said on Tuesday that it will report the findings of a special audit into various concerning sales and purchases made by mainboard-listed Camsing Healthcare to the relevant authorities, while furthering its own investigations into the potential listing rule breaches highlighted in the report.
SGX RegCo has also required the company to obtain detailed explanations from the former IDs on whether it was proper and appropriate to resign with the unresolved audit matters pending. Among other things, RSM flagged"circular sales" between Camsing's principal subsidiary, Nature's Farm, Global Biotech and I-Nitra.
Separately, in FY2021, Nature's Farm repurchased health supplements from Global Biotech at a cost of about $47,000. These health supplements were previously sold to Global Biotech in FY2018 at a price of about $1.23 million. In aggregate, about 60 per cent of the health supplements previously sold to Global Biotech in FY2017 and FY2018 were"returned" to Nature's Farm in FY2019 and FY2021.
RSM also noted that there was circumstantial evidence to suggest that the three entities and the group's key personnel were connected. The key personnel of the group includes Lo, Mr Hua and Jennifer Wang Yu, the former chief operating officer of Nature's Farm.
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