KLW explains appointments in response to SGX queries
Among other things, firm says ex-MD's new role as consultant is "key to ensure the continuity of the door business"
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Singapore
TROUBLED doormaker KLW Holdings on Sunday responded to a slew of queries from the Singapore Exchange (SGX), pertaining to its decision to appoint certain individuals - including former managing director Lee Boon Teck and financial controller Jaslin Gaw - to different positions at the Catalist-listed company despite their roles in apparent lapses in internal controls and potential breaches of disclosure rules.
On Nov 4, PricewaterhouseCoopers (PwC), as KLW's special auditor, highlighted issues surrounding a number of term sheets that Mr Lee had undertaken without the knowledge of other board members, as well as payments by the company to Mr Lee and disclosures about how proceeds from capital-raising exercises had been used.
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