Allied Tech to convene EGM over attempt to remove CEO, chairman from board

EMBATTLED Allied Tech is set to convene an extraordinary general meeting (EGM) on Jul 13, in response to a requisition notice from 2 shareholders to oust the CEO and chairman as directors.

The notice was issued on May 9 by existing shareholder Lin Tah Hwa and executive director Kenneth Low, who both hold more than 10 per cent of Allied Tech’s shares. As of May 9, Lin owns 168 million shares and Low owns 100 million shares, representing a total of 15.1 per cent of the company.

Both individuals had sent letters to the board proposing the removal of independent non-executive director and chairman Chin Chee Choon and chief executive Clement Leow. They also mooted the appointment of 3 new directors: Lim Chee San, Davy J Goh and Choo Weng Wah.

Earlier this year, a special audit report was released on the circumstances surrounding Allied Tech's missing funds held in escrow by law firm JLC Advisors, for which lawyer Jeffrey Ong was charged. The auditors found failure on the part of the independent directors in safeguarding the company's interest in several instances.