SGX asks SDAI to resolve internal control weaknesses

The report found concerns, including misuse of past fundraising proceeds.

SGX RegCo is requiring SDAI Limited to rectify internal control weaknesses arising from a Deloitte investigation.

The report found concerns, including misuse of past fundraising proceeds, suspected payroll irregularities, and purported unauthorised transactions.

Phase one of the findings on the payroll matter and unauthorised transactions had been concluded and announced last 21 July 2023.

In phase two, Deloitte noted a lack of procedures on the allocation, utilisation and reporting of the use of proceeds, resulting in late disclosures.

Deloitte noted the company reallocated placement proceeds, using 55% for working capital and just under 9% for new business, a significant shift from the previously announced 20% and 60% breakdown.

SGX RegCo will require the company to disclose material findings and remedial measures recommended by Baker Tilly Consultancy in the annual report for the financial year 2025.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia