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March 16, 2015

Grant Thornton loses member firm in Singapore

By Vincent Huck

Grant Thornton member firm in Singapore Foo Kon Tan Grant Thornton, rebranded Foo Kon Tan LLP, has left the international network as of 1 February to embark on a journey on its own, International Accounting Bulletin (IAB) has learnt.

Founded by three partners in 1968, Foo Kon Tan now counts 300 staff providing audit, tax and advisory services.

Speaking to the Singapore Accountancy Commission (SAC) Foo Kon Tan managing partner Kon Yin Tong said that in 2015 the firm will focus particularly on its advisory practice, "looking at acquiring new skills, possibly through lateral hire".

"Another focus is to look at our branding and positioning in the market. That is imperative for 2015 as well," he added. "Obviously we will continue to focus on employee development and engagement."

With Foo Kon Tan leaving the network, Grant Thornton was left without a representation in Singapore. The international network has set up an advisory practice as what is believed to be a temporary replacement.

At the time of publication, Grant Thornton was unable to respond IAB’s inquiry regarding the network’s rebuilding plans in Singapore.

Foo Kon Tan on the other hand agreed to an interview for the upcoming IAB Singapore survey, but a firm’s spokesperson told IAB: "We will not take questions relating to Foo Kon Tan leaving the Grant Thornton network."

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