Singapore Exchange Regulation (SGX RegCo) has queried beauty and wellness firm Mary Chia Holdings on whether it can continue operating as a going concern after legal proceedings were launched against the company and its related parties by a creditor in April, The Straits Times reported. Its shares sank after the news, with the stock down 4.4 per cent to 2.2 cents on May 15.
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Already grappling with unresolved audit issues after many of its finance team members left the company, taking with them years of historical financial knowledge, Mary Chia Holdings is now facing claims filed by a creditor amid mounting financial pressure, The Straits Times reported. The Catalist-listed beauty and wellness group said on May 5 that its creditor, Fullink Capital, had officially commenced court proceedings against Mary Chia and wholly owned subsidiary Organica International Holdings, as well as chief executive Ho Yow Ping and chief financial officer Su Jun Ming.
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The supreme courts of Singapore and Indonesia have signed a memorandum of understanding (MOU) that, for the first time, gives judges in both countries a formal channel for coordinating on the same insolvency or restructuring case, SingaporeLawWatch.sg reported. This reduces the risk of inconsistent outcomes, fragmentation of the insolvency process, poor recoveries, inefficiency and wastage of costs, said Kannan Ramesh, insolvency judge and judge of the Appellate Division of the Supreme Court of Singapore.
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The Supreme Court of Singapore and the Supreme Court of Indonesia on March 30 signed a memorandum of understanding (MOU) to enhance cross-border communication and cooperation in cross-border insolvency proceedings, according to a press release. The signing ceremony was held on the sidelines of the inaugural Judicial Well-Being Workshop for ASEAN Judges in Bali, Indonesia, with The Honourable the Chief Justice Sundaresh Menon of Singapore and Chief Justice Prof. Dr. H. Sunarto, S.H., M.H. of Indonesia as the MOU signatories.
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The Court of Appeal has dismissed the appeal by foreign liquidators to sue Standard Chartered and BSI Bank over transactions allegedly linked to the 1Malaysia Development Bhd (1MDB) saga, blocking efforts to recoup assets lost in one of the world’s largest financial scandals, the Singapore Business Times reported.
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Singapore will pour in more than S$1 billion ($786 million) to fund public artificial intelligence research over the next five years, accelerating a bid to bolster a homegrown AI industry in a field dominated by US and Chinese players, Bloomberg News reported. The government is betting the investment will help strengthen its position as an AI research hub, Digital Development and Information Minister Josephine Teo said in a speech at an industry event in the city-state Saturday.
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