Innopac owes outgoing CEO nearly $492,000 for unused leave
Investment holding company Innopac Holdings owes its outgoing chairman and chief executive officer Wong Chin Yong nearly $492,000 for unused leave accrued since 2008.
The mainboard-listed company disclosed this on Wednesday in response to queries from the Singapore Exchange (SGX) on its financial results for the quarter ending Sept 30.
Mr Wong stepped down as chairman of the board last week. He also resigned as CEO and plans to step down on March 31.
He is owed $491,920.85 for unused leave from 2008 to 2018. Innopac said the "significant amount due to the CEO 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".
The company's secretary and group financial controller, Ms Priscilla Tan, is owed $5,815.38 for unused leave this year.
Other staff, such as its accountant and administrative assistant, are also owed unused leave from last year.
Human resource experts said the practice of accruing unused leave over years is uncommon but depends on the contract.
Adecco Singapore country manager Mark Hall said it is more common for organisations to either not allow carrying over of leave, or allow a maximum number of days to be carried over to the following year.
The firm has faced challenges in recent years. A report last month by corporate finance advisory firm Provenance Capital, which was appointed in May to review the investment processes of Innopac, states that the group had incurred losses for the past five years, since the 2013 financial year.
Innopac also said in October that it would dispose of its stakes in a number of businesses to Mr Wong for just $100,000, and was later asked by the SGX to explain how it valued those businesses.Innopac shares have been suspended on the SGX since June 7. - THE STRAITS TIMES