SINGAPORE (Apr 12): Datapulse Technology announced Wednesday that it has appointed Lee & Lee to undertake its internal controls review, after concerns raised over possible conflict of interest with its previous independent reviewer.

Singapore Exchange (SGX) last week ordered Datapulse to re-appoint a new independent reviewer, after it uncovered a relationship between Datapulse chairman Low Beng Tin and the company’s then-reviewer, RHTLaw Taylor Wessing.

Low was the founder of another listed company, OEL Holdings, whose sponsor since 2012 is RHT Capital, a capital markets firm related to the law firm RHTLaw Taylor Wessing.

The regulator said it takes a “serious view” that Datapulse had failed to disclose this relationship.

See: SGX orders Datapulse to appoint another independent reviewer on possible conflict of interest

Under the Securities and Futures Act, perpetrators could be fined up to $50,000 and jailed up to two years for giving false or misleading information to SGX.

Datapulse had earlier been asked by the exchange to appoint an independent reviewer to assess its processes and controls following a controversial change in controlling shareholders amid an ongoing boardroom tussle.

See: Datapulse shareholders to vote on 10 resolutions at EGM on April 20 amid board tussle

Shares of Datapulse closed half a cent lower at 36.5 cents on Wednesday.