By Mak Yuen Teen On December 26, 2019, I wrote about the failure of Metech International to disclose that its then controlling shareholder, Chairman and CEO, Mr Simon Eng, had been reprimanded in October 2015 as a director at Advanced SCT (now Citicode), when he was proposed for re-election at Metech’s October 2019 AGM. Rule 720(5) of the Catalist Rulebook [Rule 720(6) of the Mainboard Rulebook]... Source

By Mak Yuen Teen I am often asked how I decide which company to look into or select for writing a case study. The appointment and departure of directors, including independent directors, is one of the key starting points. This is because while certain corporate actions require shareholders’ approval, most are made by the board of directors. If there are questions surrounding the integrity, independence, competence or commitment of directors on a board, that is usually an early warning sign. One company which caught my attention on Christmas Eve was Catalist-listed Metech International, which announced the appointment of 71-year old Mr Chng Hee Kok as independent director with effect from Boxing Day. Mr Chng is a name who is familiar to me because he had been sanctioned as a

Updated on December 28, 2019 at 5.45 pm By Mak Yuen Teen I applaud the swift response of SGX Regco to questions I had raised on Christmas eve regarding (a) the appointment of Mr Chng Hee Kok as independent director at Metech International; (b) the independence of the sponsor RHT Capital from Metech; and (c) the failure to disclose the reprimand imposed by SGX on Mr Simon Eng at Advanced SCT (now Citicode) in Metech’s 2019 annual report as required for his re-election at the company’s October 2019 AGM. What is particularly praiseworthy about the immediate action taken by SGX Regco is directing the company to convene an EGM and re-seek the re-election of Mr Eng, given that the information disclosed was “inaccurate and incomplete”. The disclosure lapse ought

First published in Business Times on January 14, 2020 By Chew Yi Hong and Mak Yuen Teen On Oct 29, 2019, at 7.57 am, Sakae Sushi responded to queries by Singapore Exchange (SGX) issued four days earlier regarding, among other things, the auditors’ basis for disclaimer of opinion and the supplemental information on directors who were seeking re-election. The annual general meeting (AGM) was to take place at 3 pm that day, and those who have lodged proxies would have done so before Sakae provided the information. Sakae was just one of at least 11 issuers in 2019 asked to provide the information required in Appendix 7.4.1 of the SGX Rulebook for each director seeking election/re-election at the AGM, after failing to do so in accordance with the new requirement. This requiremen