THE three former independent directors of Camsing Healthcare on Friday night explained to the Singapore Exchange RegCo why they resigned when the company's audit matters had yet to be resolved.
Furthermore, executive chairperson Lo Ching and executive director Liu Hui did not attend a special board meeting convened on Mar 8 solely to address the auditors' concerns. Neither did the duo attend a second special board meeting on Mar 13 on the same matter, despite"having been warned about the seriousness of the auditors' concerns".
For instance, in October 2018, the former IDs discovered that the company's chief executive officer, Hua Min, on behalf of Nature's Farm, had entered into a transaction to purchase from Global Biotech Medical Inc 5,000 brainwave-detecting headbands, made by a company called BrainCo. Despite the IDs' warnings to Ms Lo and Ms Liu on Mar 13 and Mar 20 that they would resign if management failed to provide the auditors with a satisfactory explanation to address their concerns, the duo still failed to satisfy the auditors on Mar 20.
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