In his EGM requisition notice, Lim says he is not happy with the "poor performance" of the company and a "strategic reset" and "reorganisation of the board" is needed.
Fu Yu Corp says it has turned down an EGM requisition by its largest shareholder who happens to be an employee. The company has also announced ongoing probes into the risk management processes of its supply chain unit, which had earlier received claims from a Hong Kong-based provider of oil recycling services that Fu Yu is disputing.
In a market filing on Jan 31, Fu Yu says the EGM requested on Jan 9 by Victor Lim Wei De, who has been working as director of strategy in the company for the past four years, will not be held.
