Yahoo Finance Acumen CEO placed on leave of absence due to acquisition of indirect interest in assets of Acumen’s supplier
Ong has objected to being placed on a leave of absence as she does not agree that there is any cause for investigation.
Dr Ong Siew Hwa, the CEO of Acumen Diagnostics, has been placed on a leave of absence by the company’s board of directors. Acumen is a subsidiary of Mainboard-listed Q&M Dental Group Qc7 and an associated company of Catalist-listed Aoxin Q&M 1d4 Dental Group.
The move was made to facilitate investigations into Ong’s acquisition of an indirect interest in the assets of a supplier of Acumen as well as the ancillary issues arising from the acquisition.
Ong is also an executive director of Aoxin Q&M.
According to the statements from both Q&M and Aoxin Q&M, Ong has objected to being placed on a leave of absence as she does not agree that there is any cause for investigation into her acquisition. Ong has also provided an explanation to the Acumen board. The Acumen board has disagreed with her position.
During this time, the Acumen board has appointed Lua Chong Hui Joseph to assume Ong’s responsibilities. He is considered suitable for the appointment due to his background, education and training in molecular biology. He also has experience working in a translational scientific lab at Singapore’s National Heart Centre and has assisted Acumen’s management team in the company’s management and operations since 2020.
Both Q&M and Aoxin Q&M state that Ong’s leave of absence is not expected to have a “material adverse impact on their business and operations.
Shares in Q&M and Aoxin Q&M both closed flat at 24 cents and 5 cents respectively on June 28.
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