SINGAPORE: Mainboard-listed Fu Yu Corp has terminated group chief executive officer (CEO) David Seow for gross default and misconduct, the mainboard-listed precision manufacturer announces.
His termination was effective Oct 31 as he ceased to be a director of the company and all its subsidiaries and related entities.
The board confirmed there are no other matters concerning Seow’s cessation that need to be brought to shareholders’ attention at this juncture.
The 40-year-old, who held a nine million share interest in Fu Yu, had been group CEO since January 2021.
Seow’s termination comes on the back of an investigation that was initiated after shareholders raised concerns at the company’s annual general meeting in June.
Shareholders questioned the firm’s financial performance and renumeration granted to directors and key management personnel, which “appeared to be high in contrast to the low revenue of the company” said Fu Yu in its announcement. — The Straits Times/ANN
