Latest news with #FuYu
Business Times
14 hours ago
- Business
- Business Times
Four candidates assessed for Fu Yu's board, with no findings against suitability
[SINGAPORE] Four proposed directors for Fu Yu Corporation have been assessed by an independent party, with no findings made against their suitability for the role, said the company on Friday (Jun 20) evening. Fu Yu currently only has one director – chief executive David Seow – after all three of its independent directors resigned on Jun 15. The company has since appointed Asian Corporate Advisors (ACA) to assess four candidates proposed as independent directors: Gilbert L Rodrigues, Ralf Pilarczyk, Yang Zhenrong and Haytham Al Essa. In its bourse filing, Fu Yu said that 'nothing has come to (ACA's) attention that the proposed new independent directors may not be deemed suitable', and that its board 'sees no reason to disagree'. 'To the best of the current board's knowledge, the proposed new (directors) are not involved in matters relating to FYSCS,' the company added, in reference to its unit Fu Yu Supply Chain Solutions, which has been under investigation. The update comes ahead of Fu Yu's annual general meeting (AGM) on Jun 27. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In an earlier filing on Friday, the company addressed questions from the Securities Investors Association (Singapore), or Sias, as well as shareholders. Fu Yu said that its 'day-to-day operations and decision-making processes remain unaffected' by the resignation of all its previous independent directors – Royston Tan, Christopher Huang and Daniel Poh. It also addressed queries on its ongoing investigations into FYSCS – relating to Fu Yu's acquisition of the unit, purported misuse of the FYSCS' resources and a pre-paid commission. 'Currently, no fraud (in the legal sense) has been uncovered,' said Fu Yu, adding that there was no potential liability arising from the transactions in question, 'as well as FYSCS in general'. Asked by Sias if it would release findings by Rajah & Tann and PwC Risk Services ahead of the AGM, Fu Yu said that it would first conduct a 'full Maxwellisation process' relating to the people mentioned in the report, which could take between four to six weeks. Maxwellisation is a legal procedure in which those subject to potential criticism are given an opportunity to respond. 'The company (will) seek legal advice and will deliberate on its next steps after considering the information obtained through the Maxwellisation process, and will update shareholders thereafter,' said Fu Yu. In June last year, FYSCS also received a letter of demand for US$925,773.57 in compensation from another company, Evertree Hongkong. On Jun 5 this year, an arbitral tribunal ruled in favour of Evertree, with Fu Yu required to pay S$1.67 million. Asked about the matter, Fu Yu said that FYSCS had fulfilled its payment obligations on Jun 9 and is solvent. Fu Yu ended Friday at S$0.09, down 4.3 per cent.
Straits Times
5 days ago
- Business
- Straits Times
Fu Yu's independent directors resign, leaving CEO as only one on board
Following the resignations, only CEO David Seow remains on Fu Yu's board as an executive director. PHOTO: BT FILE 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 Join ST's Telegram channel and get the latest breaking news delivered to you.
