US sanctions Chinese firms for Russia, Iran drone parts

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Three Hong Kong trading firms have been sanctioned by the United States for allegedly shipping components to Iran and Russia for making drones used for attacking Ukraine. 

In August last year, Russia fired Iranian-made Shahed-136 suicide drones at Ukrainian troops. By early this year, Russia planned to produce 6,000 Iranian drones at its own facility with Tehran’s support. 

It took one year for the US Commerce Department’s Bureau of Industry and Security (BIS) to identify and sanction the three Hong Kong firms involved supplying the drone parts.

The BIS said Monday (September 25) it had sanctioned 28 entities, including 11 in China, five in Russia, five in Pakistan and six in Finland, Oman, Germany and the United Arab Emirates (UAE). 

Among them, four are based in Hong Kong. Asia Pacific Links allegedly shipped US items to Russia while Speed Business Trading (HK) and Sunrising Logistics (HK) supplied US items to Iran. Well Fair International (Hong Kong) shipped US products for Pakistan’s unsafeguarded nuclear activities.

The Nanjing Institute of Astronomical Optics and Technology was accused of procuring US items for Chinese military research. 

The remaining five firms and one individual already faced financial sanctions imposed by the US Treasury Department in March for supplying parts to the Iran Aircraft Manufacturing Company (HESA) to make drones.

Iran’s Shahed-136 drone has been reconfigured by Russia into a more efficient weapon. Image: Iranian Ministry of Defense

On Monday, the BIS said Asia Pacific Links and eight other entities in Finland, Germany and Russia were sanctioned for shipping components to make drones for Russia’s Main Intelligence Directorate of the General Staff (GRU). 

Situated at Shing Hing Commercial Building in Sheung Wan, Asia Pacific Links was set up in Hong Kong by Anton Sergeyevich Trofimov, a 41-year-old Russian national, in December 2014.

Its major clients included Russia’s SMT iLogic LLC, which supplies wireless GSM communication modules, multifunctional signal converters, transceivers and radio signal amplifiers.

Trofimov, who has homes in Hong Kong, Canada and Russia, had already been sanctioned by the US Treasury in May.

“We will not hesitate to take swift and meaningful action against those who continue seeking to supply and support Putin’s illegal and immoral war in Ukraine,” said US Commerce Undersecretary for Industry and Security Alan Estevez. “Our actions send a clear message to those trying to evade our export controls that there will be consequences for behavior that seeks to undermine US national security interests.”

Beijing’s response to the sanction order was swift. “China firmly opposes this and will take necessary measures to resolutely safeguard its legitimate rights and interests,” a spokesperson of the Chinese Ministry of Commerce said Tuesday. 

The spokesperson said the US has abused unilateral sanctions and long-arm jurisdiction to undermine international trade rules and harm the legitimate rights and interests of Chinese firms and individuals. He said the US should immediately stop its “unreasonable suppression” of Chinese companies and individuals.

Observers have said that loopholes allow anyone to freely set up a shell company in Hong Kong to source US items.

“Hong Kong’s complicity in sanctions-busting is not merely a byproduct of being one of the busiest shipping hubs in the world,” Brian Kot, a research assistant in Carnegie’s Democracy, Conflict and Governance Program, says in a research report published in May this year. “It is a direct consequence of Hong Kong’s increased subservience to China, now that Beijing has wiped out the last vestiges of autonomy in the special administrative region.”

Prior to Russia’s full-scale invasion of Ukraine China had been an important supplier of microchips and electronic integrated circuits to Russia for some years, according to a report published by the Free Russia Foundation, a Washington-based pro-democracy organization. 

The value of Chinese semiconductor exports to Russia increased to more than US$500 million last year from $200 million a year ago, said the report. Hong Kong doubled its semiconductors and integrated circuits exports to around $400 million last year from 2021. 

MatePad Pro tablet. Photo: Huawei

Regulatory loopholes are also highlighted in reactions to an announcement from China’s sanctioned Huawei Technologies, which said Monday it will use self-developed chips in more gadgets including tablets, earphones, smartwatches and televisions. 

Its MatePad Pro tablets will use the Kirin 9000s chip, FreeBuds Pro wireless earphones will use the Kirin A2 chip and V5 Pro smart TVs will use the Honghu 900 chip. 

Media reports said both the Kirin A2 and Honshu 900 processors are 12nm chips, which can be made by China’s leading semiconductor producer SMIC.

A group of 10 Republican US lawmakers, led by House Foreign Affairs Committee chairman Michael McCaul, on September 14 called on the BIS to deny all export items for Huawei, SMIC and their units, as well as Honor, Huawei’s successor. 

“We are extremely troubled and perplexed about the BIS’s inability to effectively write and enforce export control rules against violators, especially China,” they wrote in a letter to Estevez.  

They said over the past two years many members of the Congress have pointed out loopholes in the US sanction rules. They said, despite their warnings, the BIS has continued to grant licenses worth hundreds of billions of dollars to Chinese Communist Party-controlled companies such as SMIC.

They called on the BIS to revoke all existing licenses for SMIC and Huawei and pursue criminal charges against executives from the two firms.

“We know that not all suggestions made by US congresspeople will be adopted and implemented,” a Zhejiang-based IT writer said in an article published on Sunday. “We should not take their words so seriously.”

He opines that McCaul’s letter showed that the US is worried about the rise of Huawei and that the Shenzhen-based firm has already prepared for a new round of US sanctions and will be able to overcome the challenges.

Read: US curbs Chinese firms over tech shipments to Iran

Follow Jeff Pao on Twitter at @jeffpao3

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Fahmi Fadzil visits Axiata Cyber Fusion Centre, urges greater public-private links to raise cybersecurity capabilities

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Cybersecurity Malaysia, MDEC explore cybersecurity collaboration with Axiata
Advance Malaysia’s cybersecurity capabilities, build trusted digital ecosystem

Fahmi Fadzil, Minister of Communications & Digital, visited the Axiata Cyber Fusion Centre (ACFC) yesterday to assess the Centre’s progress in its cyber defence and threat intelligence capabilities.
Axiata said it launched the ACFC in August 2022…Continue Reading

Mazars in Singapore appoints new leaders | FinanceAsia

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Paris-headquartered audit, tax and advisory firm, Mazars, announced earlier this month the appointment of new leaders across its capital markets, risk management, and outsourcing businesses in Singapore.

Chee Keong Ooi, Shireen Tan and Justin Lim have each been appointed as head of capital markets, head of risk management and head of outsourcing respectively, effective September 1.

“Effective leadership involves making timely strategic decisions that align with both the current macro challenges and our long-term vision,” Rick Chan, managing partner in Singapore and head of audit and assurance in Apac, told FinanceAsia.

The new leaders will provide regular updates on the progress and development of their respective teams to the Mazars’ executive committee, he added.

With over 20 years of experience in accounting, Ooi brings to his new role significant experience advising clients seeking initial public offerings (IPOs) and reverse takeovers via the Singapore and Hong Kong exchanges. Having been with Mazars for over 11 years, he most recently served as audit partner based in Singapore, according to his LinkedIn profile.

Chan explained that Ooi’s senior role is newly created. Among his priorities will be solidifying Mazar’s reputation and shaping the firm’s strategic direction in the capital markets sector.

“Ooi’s responsibilities span vital areas, including business development, client relationship management, team growth and development within Mazars’ capital market sector, and overseeing risk assessments for capital market projects,” Chan noted.

Mazars was the second most active firm in IPO audit services in Singapore last year, supporting two out of nine offerings and representing 36% of the S$17.9 million ($13.1 million) in funds raised in the market.

“Listing on the international market continues to hold strong appeal for investors and companies alike,” Ooi told FA, citing recent IPOs from Arm and Instacart in the US, both of which bolstered market sentiment and investor confidence.

Meanwhile, he identified market volatility and regulatory hurdles as some of the greatest challenges for Asia’s current IPO market.

“Factors like uncertainty, geopolitical tensions, and economic instability can affect market volatility,” he explained.

“Navigating regulations, compliance, and reporting standards can also be complex for companies seeking to go public.”

He added that concerns around valuation, liquidity, and exit strategies can also affect capital raising and share prices.

“For venture-backed companies, the ability to offer exit opportunities to early-stage investors and founders through IPOs is crucial,” he explained.

Risk awareness

Shireen Tan joins Mazars from PricewaterhouseCoopers (PwC), where her most recent role involved serving as senior manager, according to her LinkedIn profile.

In her new capacity, Tan will aim to foster a risk-aware culture, enhance risk identification, and implement robust risk mitigation strategies, Chan outlined.

“Effective risk management is not just about minimising potential risks or losses but also about seizing opportunities in an ever-evolving business landscape,” Tan shared in the press release.

“I’m committed to working closely with cross-functional teams to align risk management strategies with the firm’s objectives, enabling us to make informed decisions that drive sustainable growth.”

Also forming one of the key changes is Justin Lim’s appointment to lead Mazars Singapore’s outsourcing team. In his new role, Lim will be responsible for further strengthening the outsourcing capability, which is the firm’s third largest service line after audit and assurance services. Alongside his new remit, he will continue to lead the Asia-based Corporate Secretarial segment.

Additionally, Tan Shen Way and Victor Ouyang were promoted as local partner in audit and assurance, effective September 7.

¬ Haymarket Media Limited. All rights reserved.

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Hate tossing out expired breast milk? This mum started Wonderbewbz to freeze-dry it to extend its shelf life

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To many breastfeeding mothers, breast milk is liquid gold. And this is not just because of its nutritional value and immunological properties for the baby.

It is also because of how much time mums spend hooked up to uncomfortable breast pumps to build their breast milk stash – to express enough breast milk for their babies, many mothers pump at work or into the wee hours.

Storage is also a big issue, with many finding creative ways to make space in their freezer or buying an extra freezer for their breast milk.

And then comes the heartache of having to throw out expired frozen breast milk, which has a use-by date of six to 12 months. Ditto if the baby rejects the breast milk because it tastes and smells different after freezing and thawing.

This is why mumpreneur Jolene Tan founded Wonderbewbz (say “wonder boobs”), offering breast milk freeze-drying services to mothers.

According to Tan and other such companies around the world, this process is said to extend the shelf life of breast milk to three years. It also makes it easier to store one’s breast milk stash without bulky freezers – and easier to offer to babies without the lengthy thawing process or bottle warmers.

HOW FREEZE-DRYING BREAST MILK WORKS

In the freeze-drying process, breast milk is removed from lactation storage bags while still frozen, placed on trays, and loaded into the freeze-dryer so that moisture can be drawn out of the milk.

The temperature is lowered to -30 to -40 degrees Celsius before the breast milk goes through a gentle heat cycle, then a round of freezing, followed by another gentle heat cycle, and so on. It can take two days for most of the moisture to be removed.

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Maldives: The presidential poll with India and China on the ballot

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Election banners in MaleGetty Images
By Anbarasan Ethirajan
BBC News

The Maldives, best known for its pristine beaches, coral reefs and diverse marine life, is the last place you would expect a geopolitical rivalry to play out.

The island nation which consists of about 1,200 coral islands and atolls in the middle of the Indian Ocean will see a run-off poll between President Ibrahim Mohamed Solih and opposition candidate Mohamed Muizzu on 30 September.

But also on the ballot are India and China.

Both countries are trying to strengthen their presence in the strategically located islands which straddle busy east-west shipping lanes.

Maldives’ two presidential contenders, who have been crisscrossing the islands by airplanes and boats to canvass voters, each represent a different Asian power.

Following his surprise win in 2018, Mr Solih from the Maldivian Democratic Party (MDP) strengthened relations with India with which Malé has strong cultural and financial ties. Mr Muizzu from the Progressive Alliance coalition favours better relations with China.

The Maldives has long been under India’s sphere of influence. Maintaining its presence there gives Delhi the ability to monitor a key part of the Indian Ocean.

Prime Minister Narendra Modi (R) and Maldives' President Ibrahim Mohamed Solih attend the joint media briefing and MoU signing at the Hyderabad House on August 2, 2022 in New Delhi, India.

Getty Images

China, with its rapidly expanding naval forces, would want access to such a strategically important location – something India wants to prevent. Beijing is also keen to protect its energy supplies from the Gulf which pass through that route.

Both Delhi and Beijing have given the Maldives hundreds of millions of dollars in the form of loans and grants for infrastructure and development projects.

But this election, it seems that China has the edge.

‘India first’

Mr Solih has received just 39% of the votes polled in the first round of elections which were held earlier this month.

One issue that may have hurt the current president’s performance is criticism that his administration has forged close ties with Delhi – called the “India-first” policy – at the expense of China.

But Mr Solih dismisses this argument.

“We do not view it as a zero-sum game where good relations with one country are at the cost of relations with the other,” he told the BBC in an email interview.

One of the reasons the “India first” policy has become unpopular is because of the furore over “gifts” Delhi gave the Maldives – two helicopters received in 2010 and 2013 and a small aircraft in 2020.

Delhi said the craft were to be used for search and rescue missions and medical evacuations.

But in 2021, the Maldivian defence force said about 75 Indian military personnel were based in the country to operate and maintain the Indian aircraft.

Abdulla Yameen (L) stands with China's President Xi Jinping during a signing ceremony at the Great Hall of the People in Beijing on December 7, 2017

Getty Images

Soon after, the opposition began an “India out” campaign which demanded Indian security personnel leave the Maldives.

The opposition argued the presence of these military personnel endangered its national security.

It has now become a key election issue but Mr Solih says these fears are exaggerated.

“There are no militarily active overseas personnel stationed in the Maldives. Indian personnel currently present in the country are under the operational command of the Maldives National Defence Force,” he told the BBC.

Loan and grant diplomacy

Under Abdulla Yameen, who was president from 2013 to 2018, the Maldives moved closer to China and joined President Xi Jinping’s grand Belt and Road Initiative – to build road, rail and sea links between China and the rest of the world.

When India and Western lenders were not willing to offer loans to Yameen’s administration due to allegations of human rights violations, he turned to Beijing which offered the money without any conditions.

He is currently serving a 11-year prison term for corruption, barring him from contesting this year’s vote. Mr Miuzzu is widely regarded as a proxy for Yameen.

Given Yameen’s tense relationship with Delhi, China is an obvious choice for the opposition to seek support.

One of the biggest and most visible Chinese funded projects is a 2.1km (1.3 mile) four-lane bridge that connects the capital Malé with the international airport that is situated on a different island. The $200 million (£164m) bridge was inaugurated in 2018 while Yameen was still president.

China funded bridge that connects Male city with the international airport

Though India has also tried to match Chinese investments by offering loans and grants of more than $2bn over the past few years, Delhi’s motives are viewed with suspicion by many in the Maldives. Critics say India indirectly has boots on the ground there.

Another concern is that the Maldives might be affected as tensions between India and China escalate along their Himalayan border,

“There is a much larger sentiment in the Maldives that we should not have any substantive strategic relationship with any country, including India,” says Azim Zahir, a Maldives analyst and a lecturer at the University of Western Australia.

With the run-off due in a few days, Mr Solih is facing a tough battle as he has not managed to rope in key smaller parties to narrow the gap with his rival.

Sensing that the governing MDP has been struggling to counter the “India out” narrative, the opposition alliance has stepped up its offensive.

“We are concerned about the erosion of sovereignty as a result of the current government’s over-dependence on India,” argues Mohamed Hussain Shareef, vice president of the opposition alliance.

He argues that every single project in the country is being carried out through Indian financing and implemented by Indian companies.

But while the “India out” campaign is dominating the campaign, many young Maldivians are worried about rising cost of living, unemployment and climate change.

“We are very concerned about employment opportunities for the youth. Many young people want to migrate even though they are keen to stay back and serve the country,” Ms Fathimath Raaia Shareef, a student at the Maldives National University, told the BBC.

But these domestic issues are likely to take a back seat, as the winner of the election could determine which Asian power wins a vital foothold in the battle for dominance in the region.

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‘Who doesn’t love a good burger’: Is there still room for more burger chains in Singapore?

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BURGER PLACES CLOSING

But an industry expert said that although Singapore’s appetite for burgers remains strong, the market appears to be nearing a saturation point.

Newer operators like Shake Shack, Nothing But Cheeseburgers (NBCB), MOS Burger and Carl’s Junior continue to compete with household names like McDonald’s, KFC and Burger King, said Mr Karthik Bakthavathsalem from Nanyang Polytechnic. 

“All of them face similar competition – to get consumers to choose them for their next meal, said Mr Karthik, the course manager for the polytechnic’s diploma in food and beverage business. 

The COVID-19 pandemic also exacerbated the situation, with many outlets closing as they had few customers, and new brands cautious about expanding“given the many unknowns”. 

In August, Fatburger closed all its outlets in Singapore after its operator Deelish Brands shut down. 

The trend of international burger brands opening outlets in Singapore is not new and will likely continue, said Mr Benjamin Chan, chief strategist at Protegie, a marketing consultancy firm specialising in F&B. 

“Singaporeans are a picky bunch of people. They generally look for value in these brands so if they overprice, they will usually exit within three years or there will be a change in hands of owners behind the scenes,” he said. 

On whether Fatburger’s closure signals consolidation in the market, Mr Chan said the labour crunch and rising costs of rental, food, utilities and manpower have led to some companies exiting or closing selected brands. 

The industry will “always move into a stable equilibrium” of having a few significant players and some new entrants, he added. 

Nanyang Polytechnic’s Mr Karthik said that using the closure of a single brand as a metric for the entire market is an “oversimplification”.

While burger brands may face common challenges, those who close will have their own reasons, he said. Rental costs, recruitment difficulties, higher-than-expected remuneration packages, food supply and associated costs could all affect business sustainability in the long run.

“The ability to effectively plan, anticipate and manage these costs, while expertly navigating the changing business environment, will be critical to helping food businesses survive and thrive,” said Mr Karthik.

WHY BRANDS COME TO SINGAPORE

Despite the challenges, Singapore is a popular choice with international burger brands opening flagship stores in Asia, said Mr Mitchell from Noble Consulting. 

“(The) ease at setting up is also a big plus – everything is quite straightforward here and clear – unlike some Asian countries,” he said. 

Protegie’s Mr Chan also pointed to the population density and purchasing power of Singapore as reasons for its attractiveness.

“A lot of these big brands are brought in by bigger chains that own other existing F&B brands in Singapore … the business owners feel there is a potential for sustainability to the business as a whole,” he added. 

Singapore is also well known internationally as a melting pot of cultures, experiences and cuisines, said Mr Karthik of Nanyang Polytechnic. 

“With our rich gastronomic tapestry that blends a thriving international culinary scene with a variety of regional dishes, we remain an attractive location for overseas fast-food establishments to branch into,” he said. 

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Endeavor selects Malaysian fintech CapBay as part of its global high-impact entrepreneurial network

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CapBay uses a proprietary credit-scoring algorthm to conenct investors, banks, SMEs
Receive strategic services, mentorship, networking opportunities with potential investors

Endeavor, the global platform established to nurture high-impact entrepreneurs, has chosen Malaysian fintech CapBay in its latest selection, announced at the 40th Virtual International Selection Panel. “CapBay’s founders are an impressive group with a…Continue Reading

Indonesian PPP player secures syndicated sustainability-linked facility | FinanceAsia

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PT Sarana Multi Infrastruktur (PT SMI), a dedicated infrastructure entity under the jurisdiction of Indonesia’s Ministry of Finance, announced recent success in obtaining a $700 million sustainability-linked syndicated term loan facility. The firm serves as a financing vehicle for the development of nationally significant infrastructure projects, through public-private partnerships (PPPs).

“This syndicated loan is intended to refinance existing projects as well as to fulfil new financing needs primarily for sustainable infrastructure projects in Indonesia,” the press release noted.

The new funds will be used to refinance a maturing $700 million offshore syndicated term loan that was first arranged in 2020. The sustainability-linked offering closed on September 13 with aggregate commitments of $1.8 billion and was 2.6 times oversubscribed.

Key performance indicators (KPIs) linked to the facility include growing the company’s sustainability financing portfolio, and increasing the number of employees undertaking environment, social, and governance (ESG) training.

Green opportunity

Speaking to FinanceAsia about the transaction, Colin Chen, head of ESG finance for Asia Pacific at MUFG Bank, which served as one of the transaction’s mandated lead arrangers and bookrunners (MLABs), highlighted the opportunities brought by sustainability-linked financing for companies active in “hard-to-abate sectors,” given no requirements around the use of proceeds.

Kunardy Lie, director of institutional banking at DBS Indonesia – also a MLAB – said his team sees “abundant opportunities” to push the sustainability agenda through green and transition financing solutions in the local market.

Although emerging economies like Indonesia are tasked with driving economic growth alongside a low carbon budget, environmental and socially-conscious funding initiatives can help advance sustainability agendas, Lie noted. He cited the market’s PPP scheme as a policy catalyst which convenes industry players, financial institutions and regulators to establish common practices to approach ESG issues.

First introduced in 2005, the state-backed PPP Project Book lists out a range of infrastructure projects that are open to private sector participation, with a view to bridging the existing infrastructure funding gap and driving Indonesia’s national economy. PT SMI is actively involved in the scheme and acts as a crucial financier in some of the key national infrastructure projects.

“We are excited to support PT SMI in their venture to finance ongoing projects including sustainable infrastructure projects,” Lie said, noting that DBS’s relationship with PT SMI started in February 2020 around the arrangement of the original working capital facility.

Renewables projects, as well as other forms of energy transition segments constitute growing sub-sectors within the domestic infrastructure market, Chen added.

He cited supportive policy initiatives, including the Just Energy Transition Partnership (JETP) which was signed off during last November’s G20 summit, and the country’s rich solar and wind resources as helping to drive Indonesia’s developing green economy.

“We will want work closely with policymakers and the private sector to leverage this important initiative in support of Indonesia’s net zero transition,” Chen said.

“This sustainability-linked syndicated term loan facility is a real example of innovative fundraising, by also implementing our commitment towards sustainability target,” Edwin Syahruzad, president director of PT SMI, commented in the press release.

In addition to DBS and MUFG, the MLABs for the transaction included Bank of China (Hong Kong), CTBC Bank Co., Ltd., Mizuho Bank, and United Overseas Bank (UOB). UOB also acted as the MLABs’ transaction and overall sustainability coordinator for the transaction.

PT SMI and the remaining MLABs did not respond to FA’s requests for comment.

¬ Haymarket Media Limited. All rights reserved.

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Mazars in Singapore appoints new Southeast Asian leaders | FinanceAsia

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Paris-headquartered audit, tax and advisory firm, Mazars, announced earlier this month the appointment of new leaders across its regional capital markets, risk management, and outsourcing businesses.

Chee Keong Ooi, Shireen Tan and Justin Lim have each been appointed as head of capital markets, head of risk management and head of outsourcing respectively, effective September 1.

“Effective leadership involves making timely strategic decisions that align with both the current macro challenges and our long-term vision,” Rick Chan, managing partner in Singapore and head of audit and assurance in Apac, told FinanceAsia.

The new leaders will provide regular updates on the progress and development of their respective teams to the Mazars’ executive committee, he added.

With over 20 years of experience in accounting, Ooi brings to his new role significant experience advising clients seeking initial public offerings (IPOs) and reverse takeovers via the Singapore and Hong Kong exchanges. Having been with Mazars for over 11 years, he most recently served as audit partner based in Singapore, according to his LinkedIn profile.

Chan explained that Ooi’s senior role is newly created. Among his priorities will be solidifying Mazar’s regional reputation and shaping the firm’s strategic direction in the capital markets sector.

“Ooi’s responsibilities span vital areas, including business development, client relationship management, team growth and development within Mazars’ capital market sector, and overseeing risk assessments for capital market projects,” Chan noted.

Mazars was the second most active firm in IPO audit services in Singapore last year, supporting two out of nine offerings and representing 36% of the S$17.9 million ($13.1 million) in funds raised in the market.

“Listing on the international market continues to hold strong appeal for investors and companies alike,” Ooi told FA, citing recent IPOs from Arm and Instacart in the US, both of which bolstered market sentiment and investor confidence.

Meanwhile, he identified market volatility and regulatory hurdles as some of the greatest challenges for Asia’s current IPO market.

“Factors like uncertainty, geopolitical tensions, and economic instability can affect market volatility,” he explained.

“Navigating regulations, compliance, and reporting standards can also be complex for companies seeking to go public.”

He added that concerns around valuation, liquidity, and exit strategies can also affect capital raising and share prices.

“For venture-backed companies, the ability to offer exit opportunities to early-stage investors and founders through IPOs is crucial,” he explained.

Risk awareness

Shireen Tan joins Mazars from PricewaterhouseCoopers (PwC), where her most recent role involved serving as senior manager, according to her LinkedIn profile.

In her new capacity, Tan will aim to foster a risk-aware culture, enhance risk identification, and implement robust risk mitigation strategies, Chan outlined.

“Effective risk management is not just about minimising potential risks or losses but also about seizing opportunities in an ever-evolving business landscape,” Tan shared in the press release.

“I’m committed to working closely with cross-functional teams to align risk management strategies with the firm’s objectives, enabling us to make informed decisions that drive sustainable growth.”

Also forming one of the key changes is Justin Lim’s appointment to lead Mazars Singapore’s outsourcing team. In his new role, Lim will be responsible for further strengthening the outsourcing capability, which is the firm’s third largest service line after audit and assurance services. Alongside his new remit, he will continue to lead the Asia-based Corporate Secretarial segment.

Additionally, Tan Shen Way and Victor Ouyang were promoted as local partner in audit and assurance, effective September 7.

¬ Haymarket Media Limited. All rights reserved.

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