Corporate digest

Hoe Leong

THE board of Hoe Leong Corporation on Saturday clarified that the re-appointment of Liew Yoke Pheng, Joseph as executive director on June 26 was "in the interest of the company and shareholders", given that the company is currently undergoing a restructuring process. Mr Liew was nominated by the company's financial creditors to be appointed as chief executive office in October 2019 and board chairman in November 2019 for the purpose of managing the financial and corporate restructuring of the group.

On June 26, he was re-appointed as an executive director - just two days after his re-election was voted down at the company's annual general meeting. This was after taking into account the submission of two proxy forms supporting his re-election from two substantial shareholders - United Overseas Bank (UOB) and DBS - which had arrived past the submission deadline on June 23.