Governance For Stakeholders
Transcorp Holdings: Resigning for medical reasons?
By Mak Yuen Teen On 12 December, Lai Hock Meng resigned as independent director and non-executive chairman of Transcorp Holdings, having joined the board just over four months earlier on 3 August. His resignation follows the earlier resignation of Wang Yingyang as CFO and company secretary on 7 December. Mr Wang lasted just four days in the company. Remarkably, in both cases, the continuing sponsor Asian Corporate Advisors said that, based on enquiries made, it is satisfied that there are no reasons for the cessation other than those stated in the announcement. This once again raises questions about whether certain continuing sponsors are adequately discharging their responsibilities. In Mr Lai’s case, the announcement said that the resignation was “due to medical reasons