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SGX RegCo slaps ecoWise with compliance notice, CEO flags concerns on group's management

Regulator voices concerns over 'lack of a strong and independent element on the board'

Vivienne Tay

Published Sat, Jun 26, 2021 · 05:50 AM

Singapore

SINGAPORE Exchange Regulation (SGX RegCo) on Friday served ecoWise Holdings a notice of compliance to appoint two new independent directors (IDs), commission an internal audit and an audit of its first-half 2021 results, as well as to form a new auditing committee (AC).

Shortly after, executive chairman and chief executive Lee Thiam Seng flagged, in an open letter, more concerns on the group's management under the day-to-day supervision of deputy chief executive Cao Shi Xuan.