(30-06-2024, 09:39 AM)weijian Wrote: A business partner going rogue it seems. On the local SGX market, there are a couple of listed medical outfits which grow via acquiring "partners". These partners are "marquee" in their own right and personality - so key men risk is abnormally higher in such business models.
UPDATE FROM ACUMEN DIAGNOSTICS PTE. LTD. IN RELATION TO DR. ONG SIEW HWA
Has placed Dr. Ong Siew Hwa (“Dr. Ong”), the chief executive officer of Acumen, on a leave of absence. The Board understands that this is to facilitate investigations by the Acumen Board into Dr Ong’s acquisition of an indirect interest in the assets of a supplier of Acumen and ancillary issues arising from it. Dr. Ong is also an executive director of Aoxin Q & M Dental Group Limited, an associated company of the Group.
The Board notes that Dr. Ong has objected to being placed on a leave of absence by the Acumen Board. She does not agree that there is any cause for investigation into her acquisition and she has provided her explanation to the Acumen Board. The Acumen Board has disagreed with her position and is therefore investigating this matter. The Board will work with the Acumen Board and its professionals on the review of the investigations.
https://links.sgx.com/FileOpen/QDGS%20-%...eID=808305
Back in 2020:
Medical technology company Acumen Diagnostics was set up in 2020 as a joint venture between Q&M and Ong Siew Hwa, the founder of Acumen Research Laboratories. It operates a Covid-19 clinical lab where polymerase chain reaction (PCR) tests for Covid-19 are processed.
The repercussions reverberate for this 'key-woman risk" at Q&M Dental. More than a decade ago, I paid my tuition fees for this lesson - Patients generally follow the healthcare personnel, not the company where he/she works in. So, it is not very clever to be betting on the company he/she works in.
From oncology expert Dr Ang (Talkmed) to relationship expert Joseph Ong (HC Surgical Specialist), healthcare is highly regulated so is it actually easier for key men/women to get into trouble?
UPDATE FROM ACUMEN DIAGNOSTICS PTE. LTD. EXPIRY OF CLINICAL LABORATORY SERVICE LICENCE
(a) the application to change the Principal Officer from Dr Ong to Mr Lua Chong Hui Joseph will be rejected, as the application was not submitted by or on behalf of the licensee of the Laboratory Licence, Dr Ong; and
(b) the request to change the licensee of the Laboratory Licence from Dr Ong to Acumen will also be rejected, as the Laboratory Licence does not allow for the transfer or assignment of such licence. The Letter stated that if Acumen intends to provide clinical laboratory service, it should apply for a new Laboratory Licence.
Accordingly, Acumen has temporarily ceased one of its business and operations related to the Laboratory Licence with effect from 15 September 2024. The board of directors of Acumen is considering the next steps to be taken, including but not limited to applying to the MOH for a new Laboratory Licence. D
https://links.sgx.com/FileOpen/Ann%20-%2...eID=818917