Change - Announcement of Cessation::CESSATION OF GROUP FINANCIAL CONTROLLER
Issuer & Securities
PACIFIC STAR DEVELOPMENT LIMITED
PACIFIC STAR DEVELOPMENT LTD - SG1DE5000007 - 1C5
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION OF GROUP FINANCIAL CONTROLLER
Submitted By (Co./ Ind. Name)
Ying Wei Hsein
Description (Please provide a detailed description of the event in the box below)
Cessation of Group Financial Controller
This announcement has been reviewed by the Company's Sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr David Yeong (tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Robby Sucipto ("Mr Sucipto") had resigned as Group Financial Controller to pursue other personal interests and career opportunities. In addition, there are no concerns with regards to the financial reporting of the Company that led to the resignation of Mr Sucipto and there are no disagreements between Mr Sucipto and the Board of Directors of the Company with regards to practices that will have an impact on the Company's financial reporting.
The Company thanks Mr Sucipto for his valuable contributions during his tenure of service.
The Sponsor, after having interviewed Mr Sucipto is satisfied that, save as disclosed in the announcement, there are no other material reasons for the resignation of Mr Sucipto as Group Financial Controller of the Company.
The Company expresses its gratitude to Mr Sucipto for his valuable contributions during his tenure of service.
The Company is in the process of finding a replacement for the position. In the meantime, Ms Ong Mei Ki (Assistant Vice-President, Finance), who has been assisting Mr Sucipto in the discharge of his duties as the Group Financial Controller, will temporarily take over Mr Sucipto's duties.
Ms Ong, a chartered accountant with the Institute of Singapore Chartered Accountants, has 8 years of audit, finance and accounting experience. Her expertise includes audits of public listed companies, preparation and review of group consolidation, and preparation and review of SGX results announcement. She has been handling the Group's full set of accounts as well as overseeing the subsidiaries' financial and operational matters.
Ms Ong will be reporting to Mr Ying Wei Hsein, the Group's Executive Chairman who is a Fellow Member of the Institute of Singapore Chartered Accountants and who is overseeing the Group's Finance, Human Resource and Legal functions.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Financial Controller
Role and responsibilities
Mr Sucipto's responsibilities include overseeing the Group's financial reporting, providing financial analyses, developing policies and procedures to improve financial and operational processes and managing the accounting activities.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)