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Two of three Ace Achieve independent directors quit over audit delay
TWO of Ace Achieve Infocom's three independent directors have quit, citing delays in the company's annual audit and a lack of information from management.
The resignations came from lead independent director Soh Yeow Hwa, who chaired the audit committee and was a member of the nominating and remuneration committees; and from Roy Ling Chung Yee, who chaired the nominating and remuneration committees, and was an audit committee member.
"Despite numerous reminders given to management to complete the annual audit ended April 30, 2018, the independent directors have seen limited progress and have not received sufficient information," Ace Achieve, an information and communications technology company, announced to the Singapore Exchange (SGX) on Saturday.
On July 4, Ace Achieve said that it would aim to release its fiscal 2018 results before Aug 31 and conduct its annual general meeting before Oct 31 after the SGX rejected the company's application for more time to announce its results and to hold the shareholders' meeting.
Following Mr Soh and Mr Ling's departure, Kang Junen is now the sole independent director on Ace Achieve's three-member board alongside executive chairman and chief executive Deng Zeling and deputy chairman and non-executive director Yang Fan.
Ace Achieve said that it is making its "best efforts" to replace the two independent directors.