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Former Allied Tech CFO flagged financial concerns to auditors, sponsor
THE chief financial officer of Catalist-listed Allied Technologies raised concerns with the company's auditors and sponsor on his way out of the door, according to a new bourse filing from the board.
After he quit, Andrew Wong Hon Siong flagged potential issues related to the classification of expenses, as well as documentation processes and an audit of Allied Tech's Asia Box Office unit, the board said.
Allied Tech, which makes precision stamped metal parts, bought a 51 per cent stake in Singapore-based e-commerce ticketing solution platform Asia Box Office for S$30 million in 2018.
Mr Wong stepped down "by mutual agreement" on Jan 15, according to the filing. His resignation - the fourth major departure at Allied Tech in one year - was disclosed on Friday evening.
The board said that it had not been told of any differences in opinion on material matters between Mr Wong, 51, and the directors, but added that it is "in the midst of clarifying with the sponsor and auditors on what these concerns are, and will be following up on these issues raised".
The company sponsor will now follow up with the board, the audit committee and the auditors on Mr Wong's concerns, with more updates to be given "in due course", according to the latest bourse filing.
Allied Tech's sponsor is Stamford Corporate Services, which is part of Morgan Lewis Stamford - the law practice produced after Morgan Lewis & Bockius merged in 2015 with Stamford Law Corp.
Mr Wong was replaced on Feb 1 by Daisy Ong Lizhen, 36, the former associate director of investment at Centurion Corp. But Allied Tech's board said in its Feb 12 filing that Mr Wong's departure would be announced only "after the exit interview process has been concluded".
Mr Wong had taken on the role not long before his exit on Nov 1, 2018. His initial appointment had come ahead of 29-year-old group financial controller Ang Lee Ai's re-designation on Jan 1, in a business restructuring, as financial controller for the precision metal stamping segment.
Allied Tech shed 0.1 Singapore cent, or 7.14 per cent, to 1.3 Singapore cents, before the latest news.