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KLW's CEO quits due to 'personal commitments'

Sunday, October 2, 2016 - 17:20

DOOR maker KLW Holdings on Sunday said its chief executive officer, Quek Chek Lan, has resigned due to "other personal commitments".

No replacement was cited for the 72-year-old. In a regulatory filing, the company said its sponsor, R&T Corporate Services, is satisfied that there are no other material reasons for Mr Quek's resignation, beyond his "other personal commitments". Mr Quek was appointed to the position in October 2015, after a boardroom fight.

In June, KLW announced that Mr Quek, then the controlling shareholder, would sell his entire 19.4 per cent stake in KLW to Sunny Wealth Ltd, a firm incorporated in British Virgin Islands. A Wong Ben Koon is listed as its sole shareholder, KLW said then.

In auditing KLW's accounts for its fiscal year ended March 31, 2016, its independent auditor, Baker Tilly, gave a qualified opinion on the financial statement. In the independent auditor's report dated July 12, 2016, Baker Tilly said it was not given access to the audit work papers of the previous auditors. Among other things, the accuracy of contract work-in-progress could not be independently verified by the independent auditor.

sentifi.com

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