Our Assignments

Provided advisory to the ultimate parent company of a conglomerate group which is listed on the main board of the Hong Kong Exchange (HKEX) to achieve a resumption in trading. Our scope of work included assessing the financial positions of the group companies, advising on the streamlining of businesses, and formulating and preparing a Scheme of Arrangement to restructure the group’s indebtedness of approximately indebtedness in excess of US$400 million. The Scheme of Arrangement was successfully implemented and the ultimate parent company has resumed trading on the HKEX.

Provided sell-side advisory to the business owner of a leading domestic tour group for an acquisition by a leading UK-based private equity fund. Our work included the preparation of an information package to facilitate the due diligence process, assisting in negotiations of the pricing and structure of the transaction, and advising on the divestment of the Group’s non-core assets which are not part of the transaction.

Appointed as Special Accountant to a shareholder of a Construction Services company on a buy-out transaction arising from shareholders’ dispute, valued in excess of S$200 million. We performed an indicative valuation of the company for the transaction, and represented the client for meetings with independent valuers to understand the methodology employed in deriving their independent valuations and to assess the reasonableness of the approach so as to ensure our client’s position is not compromised.

Successfully implemented a Scheme of Arrangement for a Construction company in liquidation whereby the objective of the Scheme was to provide an avenue for the company’s creditors to fully recover their debts and thereafter for the company to apply for a stay of the winding up proceedings. The Court’s sanction for a stay of the winding up was obtained upon the successful administration of the Scheme and resulted in the company’s retention of its BCA rating.

Engaged as Forensic Accountant by the beneficiaries of a deceased’s estate funds to perform a funds tracing exercise of approximately S$42 million controlled by a trustee (also one of the beneficiaries). Our work involved the reconstruction of funds flow in 43 bank accounts and the review of transactions for the period from year 2002 to year 2015. Our report was subsequently used by our clients and their solicitors to ascertain the beneficial ownership of each beneficiary.

Engaged as an Independent Valuer by a global biopharmaceutical company listed on the Australian Securities Exchange (ASX) to perform a valuation of a joint venture medical Research Company based in Singapore. The JV Company is held by the ASX-listed company and another Singapore company, and the purpose of the valuation was to provide the ASX-listed company’s Board of Directors with an indicative value for its intended buyout of the Singapore Company’s stake in the JV.

Engaged as contract Chief Financial Officer of a group of 79 Malaysian companies, including subsidiaries, associates and affiliated companies. The ultimate parent company of the extended group is a delisted public company. The objective of our engagement was to assist the extended group to bring the reporting, auditing and filing obligations of its constituent companies up to date, with the view of potentially relisting the ultimate parent company.

Appointed as advisors to the owner of an early-stage renewable energy plant located in the United States of America (USA). Our work included conducting feasibility studies, assessing the operational readiness of the plant as well as the ownership and value of the Intellectual Property rights, and performing an indicative valuation of the plants for a contemplated listing on the Singapore Exchange (SGX).

Engaged as an Independent Valuer by an integrated precision manufacturing services company listed on the Catalist board of the Singapore Exchange to perform a valuation of a company operating an e-commerce ticketing solutions platform for events in Southeast Asia and Greater China as part of their diversification plans.

Appointed as Special Accountant by the husband to ascertain the financial contributions made by both the husband and wife towards their matrimonial properties between the years 2003 to 2016 based on the documents disclosed by parties in divorce proceedings.

Performed the valuation of a cash generating unit (CGU) with intangible assets (brand names) that was acquired by a leading private healthcare provider listed on the Catalist board of the Singapore Exchange (SGX). The purpose of the valuation was for purchase price allocation in accordance with Singapore Financial Reporting Standards 103 on Business Combinations, for financial statement reporting purposes.

Commenced litigation proceedings as Liquidator of an insolvent company against a group of investors to set aside an undervalue transaction that was made to the Defendants in preference over other creditors. The Court ordered the Defendants to return the assets to the company, which was subsequently divested by the Liquidator for a consideration in excess of S$9 million.

Appointed as Special Accountant by the husband to ascertain the value of parties’ matrimonial assets in divorce proceedings. Our scope of work included a review of the wife’s disclosure of assets to determine the completeness and value thereof as well as providing our critique of a valuation report prepared by the wife’s accounting expert that valued the husband’s assets in excess of S$200 million.<

Appointed as Forensic Accountant by a religious organisation in Singapore to perform investigations into its accounts for the period from year 2010 to year 2014. Our work uncovered suspicious forged invoices, altered cheques and false payment claims made by one of the organisation’s personnel. Our report setting out our findings was also submitted to the Commercial Affairs Department, and subsequently led to the prosecution of the offender.

Appointed as Expert Witness for a Defendant facing prosecution for money laundering charges before the High Court of Hong Kong. Our work included performing an assets / funds tracing exercise for the period between year 2008 and year 2012, involving more than HK$1 billion in multiple bank accounts and various territories.

Engaged as contract Chief Financial Officer (CFO) by a company listed on the Catalist board of the Singapore Exchange (SGX) and oversaw a successful transition of the group from a regional property business to the automotive industry. The CFO’s scope of work included providing guidance to the company’s Board of Directors for the acquisition and disposal of business, such as the company’s compliance with the Catalist Rules. In addition to the transition of business, the CFO was also responsible for the implementation of a new accounting software for the group companies.

Appointed as Liquidators of a conglomerate group of 30 companies registered in Singapore and the British Virgin Islands (BVI), whose ultimate parent company is listed on the main board of the Hong Kong Exchange (HKEX). The liquidation administrations of the 30 companies include complexities such as determining each company’s net position vis-à-vis the related companies due to inter-companies owing, and executing debt assignments between the companies without prejudicing other creditors’ rights.

Provided buy-side advisory to a minority shareholder of a company in the Building Construction business (instrumentation and geotechnical engineering) for a contemplated buyout of the remaining, majority stake in the same. The distressed situation of the majority shareholder presented an opportunity for the minority shareholder to acquire the cash generating target. Our work included advising our client on negotiations for the pricing and terms of the transaction as well as assisting our client in raising funds for the acquisition.

Appointed as Special Accountant to assist the majority shareholders of a leading Life Sciences research distribution company in Singapore for a proposed buyout of the minority shareholder. Prior to our appointment, parties had jointly appointed an independent valuer to perform a valuation of the company. However, disputes arose between parties on the draft valuation. Our scope of work was to provide our critique to the draft valuation report prepared by the said independent valuer as well as to perform an indicative valuation of the company to facilitate the proposed buy-out.

Appointed as Expert Witness by a company in the cosmetics business that commenced legal proceedings for the recovery of loss and damages suffered due to breach of director’s duties. Our scope of work involved the quantification of the loss and damage suffered by the Plaintiff arising from the director’s wrongful acts in the unauthorised diversion of business and/or benefits away from the Plaintiff to the Defendants.

Engaged by the owner of a shopping mall in Malaysia to perform a review of the receipts and payments of the mall management company. The objective of our review was to determine the reason(s) for the decrease in the company’s performance and to identify and implement internal control procedures to ensure proper cash management. Follow-up internal audits were also conducted to ensure adherence to the internal control procedures implemented.

Engaged by a company with restaurant / food and beverage operations in a country club to assess and compute the compensatory damages against Singapore Land Authority in relation to the premature termination of the lease agreement.