Fu Yu's independent directors resign, leaving CEO as only one on board
SINGAPORE - All three of Fu Yu Corporation's independent directors have resigned, leaving its chief executive officer alone on the board, according to company announcements on June 15.
Independent directors Royston Tan and non-executive chairman Christopher Huang resigned due to persistent attempts to remove them from the board even though they do not hold executive roles in the company.
Fu Yu's largest shareholder Victor Lim, who was Fu Yu's director of strategy before he left in March, has been tabling resolutions in an attempt to oust Mr Tan and Mr Huang from the board, as well as appoint new directors, citing the company's 'poor performance' as the reason behind his actions.
Independent director Daniel Poh resigned over differences in opinion on the company's directions on matters that do not involve the day-to-day business of the company. Mr Huang and Mr Tan also cited this as a reason for resignation, with all three quoting the investigations into Fu Yu Supply Chain Solutions (FYSCS) as an example.
FYSCS was placed under investigation after an internal audit revealed that the unit made one or more unverifiable arrangements regarding a payment of around US$3 million (S$4 million) to a third party, for which services did not appear to have been rendered. Fu Yu is pursuing claims against six individuals, including Mr Lim, in relation to this probe.
Following the resignations, only CEO David Seow remains on the board as an executive director. Mr Seow will endeavour to appoint additional members of the board within three months to comply with listing rules, the company said.
Shares of Fu Yu closed down 1 per cent, or 0.1 cent, at 9.6 cents on June 13. THE BUSINESS TIMES
With additional information from The Straits Times
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