Two independent directors quit KLW
Two independent directors of doormaker KLW Holdings - under
investigation by the Commercial Affairs Department (CAD) for an alleged offence
under the Securities and Futures Act - have resigned.
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Andrea Soh
31 October 2016
Two independent directors of doormaker KLW Holdings - under investigation by the Commercial Affairs Department (CAD) for an alleged offence under the Securities and Futures Act - have resigned.
Lim Jit Siew and Nicholas Jeyaraj s/o Narayanan have stepped down from their appointments with effect from Oct 28, said KLW on Sunday.
Mr Nicholas, who was the chairman of the remuneration committee and member of the audit and nominating committees, was appointed to the position on Oct 12 last year. He left due to increased work commitments, said KLW.
Mr Lim, who also joined the company on the same day last year, was chairman of the audit committee and member of the remuneration and nominating committees.
He decided to resign in order to facilitate the reconstitution of the board by the new majority shareholder, said the firm.
The remuneration committee will now be chaired by Chan Ka Kin Kevin, and the audit committee by Lim Han Siang Peter.
The departures of the two independent directors follow that of the group CEO in early October. KLW said then that 72-year-old Quek Chek Lan, who was appointed to the position in October last year after a boardroom fight, had resigned due to "other personal commitments".
Mr Quek had sold his controlling stake of 19.4 per cent in KLW to Sunny Wealth Ltd, a firm incorporated in the British Virgin Islands which has a certain Wong Ben Koon listed as its sole shareholder, according to KLW.
Earlier this month, the Singapore Exchange rapped KLW, its former managing director Lee Boon Teck and former group financial controller Jaslin Gaw for a litany of breaches of Catalist rules. The two had also been interviewed by the CAD in November last year.
These follow a 2015 special audit by PwC that found lapses in internal controls and potential breaches of disclosure rules at KLW.