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Datapulse to re-appoint independent review by April 11: SGX
DATAPULSE has till April 11 to reappoint independent professionals to conduct an independent review of the company's internal controls and corporate governance, the Singapore Exchange (SGX) said on Wednesday.
In a statement, SGX said that Datapulse had failed to disclose certain information when it announced on March 11 its appointment of RHTLaw Taylor Wessing (RHTLaw) as the independent reviewer.
SGX said that RHT Capital, a company within the RHT Group of companies as RHTLaw, has been the continuing sponsor of Catalist-listed OEL Holdings since Feb 18, 2012. Low Beng Tin, an independent director and chairman of the board of OEL Holdings, was the founder and executive director of OEL from Sept 15, 1984 to Oct 18, 2016. He is also the current chairman of Datapulse.
"In the exchange's communications with the company, the company did not disclose this relationship to the exchange."
SGX said that it takes a "serious view of the omission by the company". It added that it reserves the right to reject the appointment of any reviewer deemed unsuitable or non-independent for the purposes of the review.