The balances were not fully recorded in the company’s books.
In addition, the company took out loans totalling some $40.66 million, of which S$8.09 million was not recorded in the Epicentre Group’s accounting and banking records.
The audit was requested back in May 30 2019, Lim became uncontactable for a week. Just days prior, the company received statutory demands from creditors.
Epicentre has been placed under judicial management since Sept 4 2019. Last November, the judicial managers sought and received a court order to put the company in liquidation.
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According to SGX RegCo, the winding up application was approved on Jan 13 and the company will be delisted in “due course”.
