SINGAPORE (Dec 27): Innopac Holdings disclosed on Wednesday that $491,921 was accrued to CEO Wong Chin Yong for unused leave from 2008 till 2018.

This made up 96.4% of the $510,000 recorded in Innopac's 1Q19 ended Sept financial statements under “accrued unutilised leave”.

In a Nov 23 query, Singapore Exchange had asked Innopac to reveal the breakdown of the group's “trade and other payables” for 1Q19 which amounted to $15.2 million.

When Innopac responded on Nov 26 that this included the slightly more than half a million for "accrued unutilised leave”, SGX followed up with another query on the same day, asking Innopac to provide a further breakdown.

Innopac's reponse on Wednesday also showed that the group's financial controller had accrued $5,815 for unused leave for 2018 while accountant Penny Ong, personal secretary Grace Wong, accounts assistant Mandy Yap and administrative assistant Noraidah Bte Buang, accrued $3,864, $4119, $1,701 and $2,919, respectively, for unused leave from 2017 to 2018.

Although the amounts are recognised as expenses in the company's profit and loss statement and recorded in the balance sheet as liability, none have actually been paid out.

According to Innopac, “the accrued unutilised leave are accruals for unconsumed leave entitlement of each of the employees. The significant amount due to the chief executive officer goes back to 2008 as he was unable to utilise all his leave entitlement as he had been the only executive director of the company and group.”

To recap, CEO Wong announced on Dec 21 he was stepping down as chairman of the board of directors and will step down as director and CEO of Innopac from March 31, 2019.

See: Innopac chairman and CEO Wong Chin Yong, independent directors resign

Shares in Innopac have been suspended since June 7. The group announced on Oct 26 that its application to resume trading has been rejected by SGX.