SDAI to refer audit findings to CAD, CPIB and issue demand letters

SDAI says Covenant Chambers advised action, with further shareholder updates promised under Catalist Rules.

SDAI Limited said it will take remedial action and refer matters to authorities after receiving legal advice on the findings of its Phase 2 Special Audit Report.

The company said it received formal legal advice from Covenant Chambers on 22 Jan. in relation to the audit findings.

Based on the legal recommendations, SDAI intends to issue letters of demand to certain relevant parties to seek explanations and, where applicable, recover any potential improper gains or excessive fees identified in the report

SDAI also said it plans to report the relevant matters to the appropriate authorities, including the Commercial Affairs Department and the Corrupt Practices Investigation Bureau, for further investigation

The company said it will make further announcements to update shareholders as actions progress, in accordance with Catalist Rules. It advised shareholders to read the announcement and any subsequent disclosures carefully

SDAI’s shares have been suspended from trading on SGX since 12 July 2021. The company said there is no assurance that trading will resume, and cautioned shareholders and potential investors to exercise care when dealing in its securities

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