AGV

Change - Announcement Of Cessation Of Group Financial Controller

BackFeb 18, 2021
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Feb 18, 2021 12:22
Status New
Announcement Sub Title Cessation of Group Financial Controller
Announcement Reference SG210218OTHRI3X3
Submitted By (Co./ Ind. Name) Lim Kok Meng
Designation Company Secretary
Description (Please provide a detailed description of the event in the box below) This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Hong Leong Finance Limited.

It has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Kaeson Chui, Vice President, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, Telephone (65) 6415 9886.
Additional Details
Name Of Person Chiang Yi Shin
Age 50
Is effective date of cessation known? Yes
If yes, please provide the date 07/03/2021
Detailed Reason (s) for cessation Mr Chiang Yi Shin ("Mr Chiang") had, on 8 February 2021, tendered his resignation as the Group Financial Controller ("GFC") of the Company and its subsidiaries (the "Group") to pursue other career opportunities.

After taking the time to speak to management to understand Mr Chiang's decision, the Board of Directors accepted his resignation on 17 February 2021 (after trading hours).

The Company is in the process of finding a replacement for the position of GFC or equivalent, and will make the necessary announcement when a suitable candidate is appointed.

The Company's sponsor, Hong Leong Finance Limited, after having interviewed Mr Chiang, is satisfied that, other than disclosed in the announcement, there are no other material reasons for the cessation of Mr Chiang Yi Shin as the Group Financial Controller of the Company. In addition, as represented by Mr Chiang during the interview, there are no concerns with regards to financial reporting that led to his resignation and there are no disagreements between him and the Board of Directors of the Company with regards to practices that will have an impact to the Company's financial reporting.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? No
Any other relevant information to be provided to shareholders of the listed issuer? Yes
If Yes, Please provide full details The Company is currently in the midst of identifying a suitable and qualified candidate to assume the role and responsibilities of a Group Financial Controller or equivalent. Pending appointment of a new Group Financial Controller or equivalent, at the recommendation of management, the current finance manager will be designated to oversee the Group's finance and accounting function in the interim. She has 6 years of accounting and audit experience. The Audit Committee and the Board are of the view that the finance team in the interim is understaffed due to the cessation of the Group Financial Controller. However, management has re-assured and represented to the Audit Committee and Board that they will expedite their process to identify a suitable and qualified candidate as soon as possible. In the interim, Mr Chong Kwang Shih, the Lead Independent Director, and Mr Choong Yoon Fatt, an Independent Director, both being members of the Audit Committee with accounting expertise and experience, will take a more proactive approach in reviewing the financial matters of the Group.
Date of Appointment to current position 21/10/2020
Does the AC have a minimum of 3 members (taking into account this cessation)? No
Number of Independent Directors currently resident in Singapore (taking into account this cessation) 3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months 2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Group Financial Controller
Role and responsibilities Mr Chiang Yi Shin is responsible for all financial matters within the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries Nil
Shareholding interest in the listed issuer and its subsidiaries? No
Past (for the last 5 years) Nil
Present Nil