SINGAPORE – Already grappling with unresolved audit issues after much of its finance team left the company, taking with them years of historical financial knowledge, Mary Chia Holdings is now facing insolvency claims filed by a creditor amid mounting financial pressures.
The Catalist-listed beauty and wellness group said on May 5 that its creditor Fullink Capital had officially commenced insolvency-related court proceedings against Mary Chia, its wholly owned subsidiary Organica International Holdings, as well as chief executive Ho Yow Ping and chief financial officer Su Jun Ming.
Fullink notified Mary Chia of the insolvency proceedings on April 30, and formally delivered court documents to the company’s legal representatives on May 4.