The company also does not know if the proposal is related to a whistle-blowing report involving its managing director
[SINGAPORE] Nam Lee Pressed Metal Industries does not know why two of its shareholders are calling for the removal of its chairman and executive director Joanna Yong, the mainboard-listed company said in a bourse filing on Sunday (Jan 4).
On Nov 21, Nam Lee disclosed that it had received a requisition notice from shareholders Yong Kin Sen and Yong Poon Miew to convene an extraordinary general meeting (EGM) to remove Joanna Yong as a director.
Both shareholders own at least 10 per cent of the company. However, they have not provided any rationale for the proposed removal, Nam Lee said in Sunday’s filing, in response to queries from other shareholders ahead of the EGM.
The update comes months after Nam Lee’s managing director Eric Yong was interviewed by the Corrupt Practices Investigation Bureau (CPIB) over a whistle-blower report.
Eric Yong is a cousin of Joanna Yong, as well as another executive director, Adrian Yong.
Nam Lee said that it is unaware if the proposed removal is related to allegations that led to Eric Yong’s interview with CPIB.
Responding to a query on whether there are concerns about Joanna Yong’s independence, the company added that the board has not raised any concerns on that matter, nor on her decision-making or responsibilities.
“The board has not previously received any formal or informal concerns from the requisitioning shareholders about (Joanna Yong) as a director,” it said.
Nam Lee shares ended Friday flat at S$0.645.
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