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Even layman like us know the implications but Cordlife Directors with their vast knowledge and expertise choose to response like that...
what a joke..
good luck to shareholders still vested...
what a joke..
good luck to shareholders still vested...
uiop1223 ( Date: 10-Dec-2023 15:12) Posted:
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Who are the other competitors? Must also investigate too to see if they are having same problem with Cordlife or not
pikachu ( Date: 11-Dec-2023 06:39) Posted:
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Sigh.. jia lat
It made provisions in 2022. Where huh? How can it be not disclose?
Under obligations for refund? Is mtgm stupid? Customer paid a $10k over x yrs, u assume customer will just ask for $10k back when u mishandle the storage? 🤣 🤣 🤣
Under obligations for refund? Is mtgm stupid? Customer paid a $10k over x yrs, u assume customer will just ask for $10k back when u mishandle the storage? 🤣 🤣 🤣
Seems when one resign .. case consider closed.. ?
Will sgx probe further and take action ?
More skeletons in the closet..
Stay far far awayzz
Will sgx probe further and take action ?
More skeletons in the closet..
Stay far far awayzz
SmallSmall ( Date: 10-Dec-2023 13:01) Posted:
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As a matter of fact , who daer to use Cordl8fe service ?
One of SGX queries :
Was the audit committee (&ldquo AC&rdquo ) aware of the multiple instances of unacceptable temperatures within the tanks since November 2020? If so, when was this brought to the attention of the AC and the external auditors? If not, please explain why.
Company' s Response As mentioned in the response to Question 3 above, certain members of the management team were made aware of the irregular temperatures in one tank in June 2022. After internal investigations, this was escalated as a risk incident to the AC and the Board in February 2023 where further assessments were made on the potential financial impact that may arise from this incident. The external auditors were also informed of this incident in February 2023.
Issue is :
SGX' s query was " since multiple instances of unacceptable temperatures were detected since Nov 2020, when was AC and external auditors made aware?" Company evaded the answer by just saying management team was made aware of irregualr temperatures in June 2022. If that is the case, then who is aware of the multiple irregularities since 2020 and chose to do nothing? Obviously certain members of management in the company knew about it but choose to keep quiet until discovered by MOH 2023? The persons involved should be taken to tasks for not disclosing sensitive information to the public.
Coincidentally the ED/CEO resigned on 27-10-2023 after the matter was brought MOH' s attention.
27th October 2023 - Chief
RESIGNATION OF MS TAN POH LAN AS EXECUTIVE DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER
Was the audit committee (&ldquo AC&rdquo ) aware of the multiple instances of unacceptable temperatures within the tanks since November 2020? If so, when was this brought to the attention of the AC and the external auditors? If not, please explain why.
Company' s Response As mentioned in the response to Question 3 above, certain members of the management team were made aware of the irregular temperatures in one tank in June 2022. After internal investigations, this was escalated as a risk incident to the AC and the Board in February 2023 where further assessments were made on the potential financial impact that may arise from this incident. The external auditors were also informed of this incident in February 2023.
Issue is :
SGX' s query was " since multiple instances of unacceptable temperatures were detected since Nov 2020, when was AC and external auditors made aware?" Company evaded the answer by just saying management team was made aware of irregualr temperatures in June 2022. If that is the case, then who is aware of the multiple irregularities since 2020 and chose to do nothing? Obviously certain members of management in the company knew about it but choose to keep quiet until discovered by MOH 2023? The persons involved should be taken to tasks for not disclosing sensitive information to the public.
Coincidentally the ED/CEO resigned on 27-10-2023 after the matter was brought MOH' s attention.
27th October 2023 - Chief
RESIGNATION OF MS TAN POH LAN AS EXECUTIVE DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER
Better stay away.. once confidence lost. Very difficult to rebuild..
Better deploy yr $$ elsewhere
Better deploy yr $$ elsewhere
50 cents drop to 30 cents is almost 40% drop. Unless you got money if not cut loss and go elsewhere
Why this counter share price didn't drop much and no halt trading imposed.....Sgx is trying to tell people counter is alright despite 6 mths ban and credit society investigations? let people continue trading and maybe loss money ?
Might close shop eventually .
Cordlife probe could take 6 more weeks: Health Minister Ong Ye Kung
SINGAPORE&rsquo S Ministry of Health (MOH) is working closely with Cordlife : P8A +1.69% to address the consumer healthcare company&rsquo s shortcomings, said Health Minister Ong Ye Kung on Friday (Dec 8).
Noting that investigations were still ongoing, he outlined steps the health ministry would take in the coming weeks, while ascertaining the viability of the cord blood units in the six tanks that had experienced temperature changes.
To recap, Cordlife received a six-month suspension notice from MOH after seven out of its 22 cord-blood storage tanks were found to have been kept at temperatures above acceptable limits. These tanks, in deep freeze, held a total of 19,500 cord-blood units belonging to 19,200 clients.
In a Facebook post on Friday, Ong said that investigations should take another six weeks or so. In the interim, MOH will supervise Cordlife&rsquo s cord-blood banking activities and inventory management, and ensure that the company implements processes that are in line with regulations.
To parents who have requested a transfer of the cord-blood units banked with Cordlife to another cord-blood bank, MOH has advised them to hold off on these requests until the full impact of the breaches is known in the coming weeks.
&ldquo This is because if a unit is assessed to be unaffected, and Cordlife can strengthen its processes, it may be riskier to make a switch, given the logistical complexity of making a physical transfer,&rdquo Ong noted.
The health ministry had had discussions with other cord blood banks, which have indicated that they are prepared to help.
Beyond these immediate measures to protect the interests of the public and Cordlife&rsquo s clients, MOH will also ensure all relevant industry players &ldquo learn from this episode&rdquo , Ong added.
MOH will also follow up with the &ldquo necessary regulatory and enforcement actions&rdquo against Cordlife, depending on the findings of the probe.
&ldquo This is to ensure proper accountability, and to underscore the importance of industry players adhering to the required regulatory standards,&rdquo Ong said.
Following the MOH suspension, Cordlife had its accreditation suspended indefinitely by the Foundation for the Accreditation of Cellular Therapy on Dec 5. However, the company noted in a statement late on Dec 7 that the suspension would not affect storage operations at its Singapore facility.
The investigation by the Association for the Advancement of Blood & Biotherapies will also not affect the storage of cord blood units at Cordlife Singapore.
Cordlife Group had been accredited by the Foundation for the Accreditation of Cellular Therapy since November 2015 it has held its accreditation from the Association for the Advancement of Blood & Biotherapies for 18 years.
Cord blood storage &lsquo not&rsquo impacted by accredited bodies&rsquo suspension, probe: Cordlife Singapore
CORDLIFE Group : P8A -4.84%&rsquo s storage of cord blood units at its facility in Singapore &ldquo will not&rdquo be impacted by the indefinite suspension of accreditation by the Foundation for the Accreditation of Cellular Therapy, the consumer healthcare company said.
In a filing to the Singapore Exchange late on Thursday (Dec 7), Cordlife Group also said that the investigation by the Association for the Advancement of Blood & Biotherapies will not impact the storage of cord blood units at Cordlife Singapore.
The Association for the Advancement of Blood & Biotherapies had said in a statement that it is continuing to collect relevant information to help it decide on the accreditation status of the Cordlife facility.
These moves followed a six-month suspension notice from the Ministry of Health after seven of 22 cord-blood storage tanks at Cordlife were found to have been kept at temperatures above acceptable limits.
Cordlife Group had been accredited by the Foundation for the Accreditation of Cellular Therapy since November 2015, while it has had accreditation from the Association for the Advancement of Blood & Biotherapies for 18 years.
The executive and CEO resigned on 27 October 2023.
Luzern ( Date: 08-Dec-2023 10:02) Posted:
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This is an opportunity to see if the Management is worth their pay.
SmallSmall ( Date: 08-Dec-2023 09:39) Posted:
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Once confidence lost, no one is going to use their services. In fact I for see multiple lawsuits and exisitng clients shifting out to other service providers.
The fact is that they were trying to hide the issues if not for a whistle blower.
The fact is that they were trying to hide the issues if not for a whistle blower.
Luzern ( Date: 08-Dec-2023 09:26) Posted:
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IMO, this one.....tough, but not without hope. The Management needs to really understands the affected clients and other clients and potential clients concern and come up with a series of solutions and options. The new packages, they can upsell to the potential clients and unaffected clients and give free to the affected clients. What they have offer currently is not enough.
everyday drop 1 cts, soon will see 20 cts
Just wonder when the cord will be disentangled to begin normal life again. Until then, best to avoid, unless has deep pockets to hold long long for sunny skies ahead.
Cordlife Group&rsquo s cellular therapy accreditation suspended indefinitely
CORDLIFE Group : P8A -1.49%&rsquo s accreditation by the Foundation for the Accreditation of Cellular Therapy has been suspended indefinitely, at least until the foundation&rsquo s investigations are completed and issues are resolved.
In a regulatory filing on Tuesday (Dec 5), Cordlife Group said that it has received a notice from Foundation for the Accreditation of Cellular Therapy which has initiated internal investigations into the circumstances raised in a notice from the Ministry of Health (MOH).
MOH issued a six-month suspension notice to the consumer-healthcare company, after finding that seven of its 22 cord blood storage tanks were kept at temperatures above acceptable limits.
Cordlife Group has received a request from the foundation to submit reports relating to the investigations conducted by the authorities, the results of a comprehensive root cause analysis of the issues and the company&rsquo s short- and long-term corrective plans.
It will provide all necessary information to the foundation in order to restore its accreditation, said Cordlife Group in the filing. But it did not say what the impact of the suspension of accreditation would have on its business.
Cordlife Group has been accredited since November 2015.