Rich Capital board uncovers governance lapse; takes step to rectify issue

Singapore

THE board of investment holding company Rich Capital (formerly known as Infinio Group) said on Tuesday that it has been made aware of a "governance lapse" within the group - specifically, an approximately S$2 million payment for a development project in Batam that was not made according to terms agreed upon.

Rich Capital's independent director Sovann Giang said in an announcement that the matter had come to the attention of the company's audit committee during a meeting on May 29.