The late payments have been a source of contention within Sen Yue’s board. The faction led by CEO Neo called for the independent review over the arrears; Koh, exercising his rights as the largest shareholder, wants to replace the board.
SINGAPORE (June 18): SGX RegCo has blocked an attempt by Sen Yue’s executive chairman Koh Mia Seng’s bid to oust his fellow directors. Koh had called for an extraordinary general meeting to be held on June 23, with the intention of getting rid of his fellow directors, including CEO Neo Gim Kiong.
However, according to an on-going independent review by Foo Kon Tan Advisory Services, Koh was found to have links with multiple clients that owe SMC Industrial, a wholly-owned subsidiary of Sen Yue, some $35.5 million.
