You are here
Board of Trek 2000 International sees sixth departure in 12 months as independent director quits
ONE of Trek 2000 International's independent directors has stepped down, in the sixth board departure at the troubled tech company in the past 12 months.
Non-executive director Celine Cha Mui Hwang, who had held the post since 2015, resigned for "personal reasons" with effect from Thursday, said Trek 2000 in a Singapore Exchange (SGX) filing the next day.
The SGX moved in April to demand that Trek 2000 hold a vote on the continued appointment of key company executives, including founder and then chief executive Henn Tan. It also ordered that Mr Tan not be appointed a director or executive officer in any listed company for the next three years.
Forensic accountants had flagged potential round-tripping transactions, among other issues, in deals that involved senior company officers, including Mr Tan. The independent review report was released the night before Trek 2000's annual general meeting on April 24.
Mr Tan quit in May from his roles as chairman, CEO and executive director, to become the group's consultant for three years.
His son, Wayne Tan Joon Yong, was named group president and executive director.
The bourse filing on Friday, which was submitted by executive director Kuan Mun Kwong, said there were no unresolved differences in opinion on material matters between the now resigned Ms Cha and the board.
She had previously indicated her intention to retire as a director, according to an announcement of Trek 2000's annual general meeting results.
Another Trek 2000 independent director, Loh Yih, left on May 8 - less than a year into the job.
The company said in a filing at the time that he had stepped down because he was "unable to perform duties due to difficulties in information verification".
Lead independent director Khor Peng Soon was appointed to the audit committee and risk reviewcommittee as of Thursday, the company said, while Kwek Swee Heng, who became an independent non-executive director in May, was appointed to the nominating committee and remuneration committee.
Also on the five-man board is independent director Chay Yee Meng.