In a filing to SGX dated March 17, Darco Waters Technologies has disclosed that a group of shareholders representing 16.1% shareholding interest in the company has requested the board of directors to commence action against director and non-executive deputy chairman Wang Zhi as well as another undisclosed person.
The request follows allegations of wrongdoings pertaining to certain payments in relation to a consultancy agreement entered into by Darco Waters, Wang’s undertaking to procure the transfer of a water treatment asset, as well as the aborted acquisition of 75% of the total share capital of PT Panghegar Energy Indonesia in relation to a waste-to-energy project in West Java.
