SINGAPORE – No Signboard Holdings is of the preliminary view that no action would have to be taken against interim chief executive officer Lim Teck-Ean.
This comes after it having been legally advised with regard to allegations that the interim chief executive officer had breached his fiduciary duties, the food and beverage player said on March 11.
In a regulatory filing, the company – whose shares have been suspended since January 2022 as it was unable to demonstrate that it can continue as a going concern – said that it continues to investigate the allegations and will update shareholders when there are material developments.
Controlling shareholder GuGong served the company and its board a notice on Feb 23 about bringing an action against Lim by March 11 over allegations that he had breached his fiduciary duties to the company, including in the $1.2 million acquisition of a 60 per cent stake in caterer Dining Haus.
Lim Yong Sim was not served the notice as he had been placed on a leave of absence as executive chairman and CEO since August 2023, after being charged with share-price rigging offences. GuGong counts him and former chief operating officer Lim Lay Hoon as directors and shareholders.
Meanwhile, No Signboard Holdings will be having a dialogue session for shareholders with the Securities Investors Association (Singapore), or Sias, on March 13.
The in-person session will be held from 7.30 pm to 8.30 pm at Suntec Singapore Convention & Exhibition Centre. Sias founder and chief executive David Gerald, who organised the session, will be the moderator. THE BUSINESS TIMES
https://www.straitstimes.com/business/companies-markets/no-signboard-not-taking-action-against-interim-ceo-for-now-over-fiduciary-duty-allegations
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