Ruisen Life Service Co, Limited (1922) Announces Internal Control Review Findings and Continues Trading Suspension

Bulletin Express11-27

Ruisen Life Service Co, Limited (1922) released key findings of an internal control review, conducted by an independent adviser, covering areas such as governance, remuneration approvals, related party transactions, and financial reporting procedures. The review identified multiple issues, including instances of inadequate oversight in funding arrangements, incomplete disclosure of connected transactions, and off-book remuneration practices.

According to published materials, extensive remedial measures have been implemented. These include stricter policies for board approvals, more rigorous monitoring of related party dealings, enhancements to payment and budget processes, and refined protocols for employee remuneration and performance appraisal. Further training has been provided to management and finance teams to ensure proper adherence to updated procedures.

The independent adviser’s follow-up review concluded that the revised internal controls and governance mechanisms are sufficient to address the previously identified concerns and meet the requirements under the listing regulations. The board of directors confirmed that all major issues have been adequately tackled or are in the process of resolution.

Trading in the company’s shares has been suspended since 28 August 2024 and remains so until further notice. Potential investors are advised to exercise caution in any dealings involving Ruisen Life Service Co, Limited’s securities.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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