Ipco board claims former execs did not allocate placement proceeds as planned

Singapore

THE board of Ipco International said on Wednesday that most of the S$1.58 million raised from a share placement last year had been used as working capital.

This did not adhere strictly to what the proceeds had been earmarked for, it alleged.

Half of the intended use of the placement proceeds was to buy equipment and develop land in Seattle through Capri Investments, the group's real estate development subsid…