Eric Lew appointed Y Ventures' executive chairman, director

FORMER executive director of Wong Fong Industries Eric Lew Chern Yong is now executive chairman of e-commerce company Y Ventures.

He replaces Adam Low Yik Sen, who will continue to retain his role as managing director. Mr Lew will drive the group's strategic direction and growth and provide mentorship and guidance to the management, according to a stock exchange disclosure. He was also appointed director. In addition, the company said Benjamin Twoon Wai Mun has resigned as non-executive director to pursue other career opportunities. Separately, the company also announced it would streamline operations and focus on online books distribution, as the company's 2018 net loss widened to US$3.6 million from US$769,069 a year ago. That was on the back of increased cost of sales and expenses, offset by a divestment in its subsidiary.

The Singapore Exchange had raised questions about accounting errors in the company's previous financial reports. Y Ventures is also currently in the process of appointing an independent reviewer to assess its internal controls and the impact of adjustments to prior years' financial statements. 

Y Ventures closed unchanged at S$0.054 on Friday before the announcements were made.