Fintech firm ayondo asks for more time to produce Q2 and Q3 results

The firm cited the departure of its financial team and senior officers after the sale of Ayondo Markets.

Fintech firm ayondo has asked the Singapore Exchange Securities Limited (SGX) for time extensions to release its unaudited financial statements for Q2 and Q3, an announcement revealed.

The firm requested to extend the deadline of releasing its Q2 financial statements to 14 November from 14 August and to extend the deadline of releasing its Q3 financial statements to 14 December from 14 November.

Ayondo cited the departure of its Chief Financial Officer and its entire finance team following the sale of Ayondo Markets as the main reason for the request. The sale also reportedly resulted to the departure of its senior management staff, including the Chief Operating Officer, Chief Talent Officer and General Counsel, Chief Product Officer and Chief Business Development Officer.

Meanwhile, interim chief executive Richard Mark Street filed his resignation in May and is currently serving notice. Street is reportedly the sole-remaining member of ayondo’s management team.

The firm also said that it will require more time to deconsolidate the accounts of Ayondo Markets from its Q2 results.

“The delay in the finalisation of the Q2 2019 results will in turn delay the Company’s preparation of the Q3 2019 results,” the statement read.

“The Company is currently in the process of identifying suitable qualified accountants to be hired as an outsource or in-house personnel to perform the finance function of the Group on a full time or part-time basis,” it added.