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Alliance Mineral Assets terminates services of its CEO and his wife
AUSTRALIAN mining company Alliance Mineral Assets (AMAL) has terminated the services of its CEO Tjandra Adi Pramoko and his wife Simone Suen Sze Man, who serves as an executive director of the company, saying it has "lost confidence" in the abilities of both persons in continuing their duties.
AMAL announced on Tuesday that it has given notices of termination to both Mr Tjandra and Ms Suen, and that both are currently on gardening leave.
In the company's filing to the Singapore Exchange, it said its board has lost confidence in the abilities of Mr Tjandra and Ms Suen in continuing to act in their respective positions.
It added that their termination is "not due to any fraud or misconduct on (their) part".
AMAL's filing said that both Mr Tjandra and Ms Suen reserve the right to challenge this decision to terminate their services. It also said that Mr Tjandra and Ms Suen are of the view that they have established a list of achievements at the company, including AMAL's successful listing on the SGX in 2014, among others.
The company added that it is of the view that this termination will have no material impact on its finances and operations.
Shares of AMAL last traded at S$0.36 before a trading halt was called on March 1.