Multi-Chem Limited Faces Audit Scrutiny

Multi-Chem Limited (SG:AWZ) has released an update.

Multi-Chem Limited is under scrutiny as its statutory auditors are investigating the allocation of approximately $1.6 million towards marketing expenses, which involved questionable payments into personal accounts. The auditors, along with the Audit and Risk Management Committee, are seeking further clarification to ensure the funds were used appropriately, which could influence the company’s 2023 financial statements. The company has since revised its payment approval processes, advising shareholders to be cautious when trading its shares.

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