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Fu Yu’s independent directors resign, leaving the CEO as the only director

Fu Yu’s independent directors resign, leaving the CEO as the only director

By Swedan Margen

Fashion

All of Fu Yu Corporation’s independent directors have resigned, indicated bourse announcements on Sunday (Jun 15).

Independent directors Royston Tan and non-executive chairman Christopher Huang have resigned due to persistent attempts to remove them from the board. Fu Yu’s largest shareholder Victor Lim has been tabling resolutions in an attempt to oust Tan and Huang from the board.

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. Huang and Tan also cited this as a reason for resignation, with all three quoting the investigations in Fu Yu Supply Chain Solutions as an example.

Following the resignations, only CEO David Seow remains on the board as an executive director. Seow will endeavour to appoint additional members of the board within three months to comply with listing rules.

Shares of Fu Yu closed down S$0.001 or 1 per cent at S$0.096 on Friday.

Copyright SPH Media. All rights reserved.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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