Mary Chia admits disclosure lapses over CPF arrears at four subsidiaries after SGX queries
Cash-strapped beauty and wellness group Mary Chia Holdings has admitted that it failed to disclose CPF arrears and court proceedings involving four of its five subsidiaries, despite its chief executive being aware of the court notices earlier on.The admission came in an Oct 9 response to queries from Singapore Exchange Regulation (SGX RegCo), which questioned why the four subsidiaries and their involvement in court proceedings were not disclosed in the company's Sept 11 announcement, and when the company first became aware of these matters.Mary Chia's Sept 11 announcement disclosed $50,208 in outstanding CPF contributions at one subsidiary but omitted arrears and court proceedings involving four others.All five subsidiaries' cases had already been heard together on Sept 10, and the CEO knew of their court notices.The Catalist-listed company attributed this omission to shortcomings in its internal information consolidation and disclosure assessment processes, saying it failed to sufficiently consolidate information across its human resources, finance and management functions when preparing its Sept 11 announcement.