Aoxin Q & M Dental Group (SGX:1D4) said its audit committee has completed investigations into whistleblowing reports against former executive director and CEO, Dr Shao Yongxin, concluding he obtained funds from employees and minority shareholders through a purported share sale and personal loans for his own use.

The committee, advised by Singapore and China legal counsels, determined that the alleged share sale was invalid and need not be recognized by the company. It also found Shao had failed to disclose changes to his shareholdings, potentially breaching Singapore laws and the Singapore Exchange's Catalist rules.

The audit committee also recommended his removal from directorships in four China subsidiaries. The board accepted the recommendation and will take steps accordingly.

Regardless of his resignation in July, the board said Shao would have been terminated for cause and that the company reserves its rights to recover contractual dues.