MC Payment announced on July 7, 2021, that an EGM to be held on July 30 has been cancelled. For much of June, the company’s former board was in something of a tussle with the chairman of the company’s current board, Ching Chiat Kwong. Ching is also the major shareholder of the company with 27.06%.
The former directors, comprising Anthony Koh, Albert Cheok, Kim Moon Soo, Lilian Koh and David Ong, resigned following an EGM on June 30 where shareholders voted in Ching, his son Shawn Ching, Harry Ng, Tan Chee Keong and Chee Kheng Hock Rothschild with more than 70% of votes. Ching, Shawn Ching and Harry Ng received more than 78% of votes. The July 30 EGM is no longer necessary as the resolutions were to remove the former directors.
See also: Ching's wish to appoint more directors fulfilled in MC Payment EGM
The company has announced the composition of its audit, remuneration and nominating committees with the new board members. However the company also announced that it doesn’t have a lead independent director, and the chairman of the audit committee needs to be independent, with relevant accounting or financial background. The newly minted audit committee has as its chairman Ng, who is not independent. The company says it is searching for such a lead independent director and hopes to appoint one by Sept 30, 2021.
