ecoWise CEO 'shocked' by recent developments; alleges decisions were taken without his consent

Michelle Quah

Published Wed, Aug 4, 2021 · 05:50 AM

Singapore

THE troubles besetting Catalist-listed ecoWise Holdings show little sign of abating, and its founder, executive chairman and chief executive Lee Thiam Seng has expressed his "shock" and "concern" over recent moves made by the company, which he says were executed without his consent and over his strong objections.

Recent developments include ecoWise's alleged refusal to announce that an extraordinary general meeting (EGM) of the company would be convened by a group of shareholders on Aug 13. The meeting will vote on the removal of ecoWise's executive director and deputy CEO Cao Shi Xuan as a director and the appointment of three new directors.

The shareholders convening the EGM say they had on July 16 given ecoWise due notice and asked the company to make the announcement, which it has yet to do. The shareholders took out an advertisement in The Business Times on July …