Fu Yu appoints Victor Lim as managing director after board dispute

Components manufacturer Fu Yu announced on Sunday (Feb 1) that it has appointed its largest shareholder Victor Lim as its managing director.

The appointment, effective immediately, comes slightly over a month after Lim, 41, was reinstated as the company’s director of strategy, a role he held for four years before leaving the company in March last year.

In December, Fu Yu said its nominating committee was reviewing an application for directorship appointment made by Lim.

Lim has been a central figure in a boardroom dispute surrounding Fu Yu last year, resulting in all of the company’s independent directors resigning in June.

He was also involved in a probe into the company’s supply chain arm, Fu Yu Supply Chain Solutions.

The unit came under investigation when an internal audit uncovered, among other issues, that it made unverifiable arrangements for a US$3 million payment to a third party, for which services did not appear to have been provided.

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In its statement on Sunday, Fu Yu also said its reconstituted board of directors was satisfied that the appointment of Lim as the managing director “will be beneficial to the board and the group”.

Fu Yu said its reconstituted board, apart from Lim as managing director, comprises non-executive chairman Gilbert Rodrigues and independent non-executive directors Ralf Pilarczyk, Haytham Al Essa and Yang Zhenrong.

Lim is currently the director of Fu Yu’s subsidiaries Fu Yu Investment, Fu Yu Supply Chain Solutions, Fu Yu Ventures and Fu Yu Biomedical.

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Prior to his time at Fu Yu, Lim was the managing director of Aeturnum Energy International from January 2015 to November 2020.

Fu Yu shares closed on Friday at S$0.102, up 3 per cent, before the news.

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