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Ayondo CFO quits in under a year over 'differences with management'

TRADING platform developer Ayondo has suffered yet another high-level executive departure, as chief financial officer (CFO) Sean Downey quit with effect from Wednesday, the Catalist-listed company announced in a bourse filing on Friday.

Mr Downey resigned over "differences with the management" over the firm's recently disposed unit Ayondo Markets Limited (AML), including the former CEO, Ayondo said in the filing.  

In addition, he also left over "discontent with treatment and (the) working relationship" at the company.

Mr Downey, who was appointed CFO on July 20 last year, had earlier submitted his resignation on Feb 15 and vacated his position on Wednesday.

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Unresolved differences of opinion between Mr Downey and the board include "the requirement to change the regulatory capital of calculation suggested by KPMG in the UK and the timing of that required change", Ayondo said.

These matters were in relation to Ayondo's plans to sell its stake in AML. On Apr 16, SGX RegCo had instructed Ayondo to put on hold its planned sale of AML, pending clarity over the group's financial situation as well as AML's compliance with UK capital requirements.

On Thursday, Ayondo announced that it had completed the sale of AML, having received the go-ahead from shareholders.

Besides concerns over AML, Ayondo also appeared to be bogged down by regulatory disclosures. On May 28, Ayondo announced that non-executive chairman Thomas Winkler had transferred 1.2 million of his shares months earlier on Nov 22, 2018 for an undisclosed sum to third parties, who were also existing Ayondo shareholders.

Shares of Ayondo have been suspended from trading since Feb 1 and were last traded at S$0.048.