E3 Holdings says none of the directors reprimanded by SGX on June 10 are with the company.

The company says that earlier on Sept 22, 2008, the audit committee had commissioned a special audit by Deloitte & Touche Financial Advisory Services.

The draft report was submitted to the SGX on Dec 23, 2009 and finalised signed report was delivered to the SGX on Jan 29.

E3 Holdings says it has already established a new set of internal control procedures, which included new signing processes requiring two directors to sign cheques or authorise payments.

The board had also lodged a police report with the Commercial Affairs Department against Kenneth Ngo and his associates on April 22 and announced this on April 30.

The board had instituted legal proceedings against some of the relevant directors in the High Court of Singapore on May 19 regarding the use of the company’s funds in connection with the company’s proposed acquisition of equity interest in Song Yuan Petrochem and Song Yuan Land.

On May 24, it also started legal proceedings in the High Court against Peter Ngo and Liau Beng Chye to enforce certain indemnities.

The board adds that it will be appointing a professional a third party to review its internal procedures to ensure the adequacy of its systems, procedures, controls and resources, and will make the necessary disclosures in the company’s annual report.