MC Payment’s current board is turning Pindan into a key reason for not accepting the appointment of Harry Ng and Shawn Ching. “The Nominating Committee notes that, in Mr Ng’s return [to the board], he had not made disclosure about Pindan or its related entities,” MC Payment said on June 24. “The Nominating Committee also notes that, in Mr Shawn Ching’s return, he had not made disclosure about Pindan or its related entities,” MC Payment repeated. Both Harry Ng and Shawn Ching failed to be re-elected as directors with 56.69% of votes against on April 28, in an AGM.
As MC Payment’s EGM approaches on June 30, its statements on SGXnet are sounding increasingly anxious. On June 27, the company issued an announcement refuting some of major shareholder Ching Chiat Kwong’s third statement issued on June 26. Among the matters that MC Payment commented on in its June 27 riposte to Ching’s June 26 statement are the suitability of Harry Ng and Shawn Ching as directors of its board. In a June 24 circular to shareholders, Pindan Group, an Oxley Holdings subsidiary, emerged as a sort of fall guy or new whipping boy.
As background, on May 18, Oxley announced that Australian-based Pindan Group had appointed voluntary administrators and Oxley itself will take an impairment of $50 million for its investment in Pindan. According to its 2020 Annual Report (Oxley has a June year end), on Oct 4, 2019, Oxley “acquired remaining 60% of the share capital in Pindan Group Pty Ltd . The shares were transferred to the Group for nil consideration in settlement of a claim made by the Group relating to Pindan failing to meet agreed performance target.”
