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Singapore publisher Contineo Media says it is facing cashflow difficulties

The Singaporean publisher responsible for organising the Asian Television Awards has admitted it is experiencing financial difficulties as the company restructures.

Contineo Media, which also publishes magazines such as Television Asia, Asia Food Journal and Control Engineering Asia, has allegedly delayed paying the salaries and Central Provident Fund contributions of its Singaporean and permanent resident employees since last year owing to “cash-flow” issues.

Sources close to the organisation told Mumbrella that the company was several months behind on paying employee monthly contributions – which amounted to 20 per cent of their salaries – to the CPF Board, where the money is supposed to be kept to fund the healthcare and retirement for staff.

In a statement to Mumbrella, Contineo Media’s chairman and chief executive officer Raymond Wong said: “There is an ongoing internal restructure within our companies and unfortunately cashflow has been somewhat impacted. We are actively in discussion with CPF Board and working with them and our stakeholders to resolve these issues. Naturally the nature of these discussions are private and confidential.”

However, the company would not comment on the suggestion that the company has been fined by the Ministry of Manpower as a penalty for the delayed payments. When pressed further about the restructuring and the alleged penalties imposed on the company, Wong added: “We have no intention of having to clarify every malicious rumour you receive. Details of our restructuring is confidential as we have caveats in place.”

Contineo Media was formerly known as Ten Alps until it sold its majority 65 per cent stake to Karay Holdings, the investment vehicle of Wong, who was then a minority shareholder. 

After the sale in 2012, Wong rebranded the company as Contineo – to mean ‘connected’. It now organises other events such as the Asian Manufacturing Awards and also has an office in Beijing, according to the company website.

The Asian Television Awards, which is supported by Singapore’s Info-communications Media Development Authority, is held annually in Singapore and presents awards for TV programming in 42 categories.

Its last awards ceremony received sponsorship from a number of big brands including retail giant Courts, skincare company MTM and Nippon Paint.

Wong was previously the president of the Magazine Publishers Association of Singapore until 2016.

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