Allied Tech to convene EGM over attempt to remove CEO, chairman from board

SINGAPORE (THE BUSINESS TIMES) – Embattled Allied Tech is set to convene an extraordinary general meeting (EGM) on July 13, in response to a requisition notice from two shareholders to oust the chief executive and chairman as directors.

The notice was issued on May 9 by existing shareholder Lin Tah Hwa and executive director Kenneth Low, who both hold more than 10 per cent of Allied Tech’s shares. As at May 9, Mr Lin owns 168 million shares and  Mr Low owns 100 million shares, representing a total of 15.1 per cent of the company.

Both individuals had sent letters to the board proposing the removal of independent non-executive director and chairman Chin Chee Choon and CEO Clement Leow. They also mooted the appointment of three new directors: Mr Lim Chee San, Mr Davy J. Goh and Mr Choo Weng Wah.

Earlier this year, a special audit report was released on the circumstances surrounding Allied Tech’s missing funds held in escrow by law firm JLC Advisors, for which lawyer Jeffrey Ong was charged. The auditors found failure on the part of the independent directors in safeguarding the company’s interest in several instances.