Aoxin Q & M Dental Group Limited (SGX:1D4) has issued a statement to clarify the ongoing investigation into potential conflicts of interest involving Executive Director Ong Siew Hwa and supplier assets.
In response to inquiries from the Singapore Exchange Regulation (SGX), the company confirmed that Hwa is currently on leave while the investigation is conducted, according to a Tuesday filing on the Singapore bourse.
Acumen Diagnostics, Aoxin's 49% associate, has engaged CLA Global TS Risk Advisory to carry out a thorough review of the matter. The findings of this review are expected to be released next week.
Operations remain stable under existing management, despite recent losses in the clinical laboratory segment due to reduced PCR testing, the company said. The Joint Testing and Vaccination Centre (JTVC) continues to perform well.
Acumen's laboratory license expired on Sept. 15, and its renewal has not been granted by the Ministry of Health.
Aoxin anticipates a limited impact on operations and is evaluating the next steps, including a potential new license application. The company is also renewing its JTVC medical license.
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