An interim committee has been set up to oversee all operational matters pending successor search
[SINGAPORE] Mainboard-listed Fu Yu Corp has terminated group chief executive officer David Seow for gross default and misconduct, the mainboard-listed precision manufacturer announced on Saturday (Nov 1).
His termination was effective Oct 31. He will also ease to be a director of the company and all it 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, has been group CEO since January 2021.
Shareholder concerns
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 company’s financial performance and the 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.
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The independent directors then commenced an internal audit and review, in response to the queries. During the process, they discovered several matters suggesting misconduct on Seow’s part.
The independent directors subsequently engaged third-party professionals, including external legal counsel, who reviewed the matter. The board said Seow’s termination was “a carefully considered decision based on established facts and supported by legal advice”.
Fu Yu said ongoing investigations prevented it from disclosing further details, but it will reveal more at the appropriate time.
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The company has established an operating committee to oversee all operational matters during the search for a permanent replacement for executive director and group CEO.
The committee comprises the general managers of each of the company’s manufacturing facilities in Penang, Johor, Suzhou, Dongguan and Zhuhai in China, and Singapore.
The committee will report to Gevin Bai, general manager of the Suzhou facility, who has been appointed to a new role as group general manager. Bai will provide increased guidance and exercise greater oversight over the senior management leadership team.
“The board is confident that the robust leadership procedures will ensure stable management and uninterrupted operations of the company during this transition,” Fu Yu said in the bourse filing.
Supply chain probe
Fu Yu was embroiled in controversy surrounding Fu Yu Supply Chain Solutions (FYSCS), which faced scrutiny over significant weaknesses in risk management processes.
In October 2024, Fu Yu appointed law firm Damodara Ong to investigate the affairs of FYSCS after an internal audit report identified issues that could expose the unit to “unacceptable levels of risk if left uncorrected”.
In October 2025, Fu Yu announced that it would close the investigation, as it would not benefit the company or shareholders to continue. The board concluded that there was no evidence of wrongdoing or financial loss.
Shares of Fu Yu closed S$0.003 or 2.8 per cent lower at S$0.105 on Friday before the announcement.
