ETC rejects proposal to remove IDs

Singapore

EMERGING Towns & Cities Singapore (ETC), a Myanmar and China property developer, on Thursday said it will not convene the extraordinary general meeting (EGM) called by the majority shareholder to remove its two independent directors (IDs), saying that the move is an attempt to hamper the company's efforts to take legal action against Mr Luo for unauthorised fund withdrawals.

ETC said in November that the majority shareholder Luo Shandong had sent the requisition notice, which sought the removal of non-executive and independent chairman Christopher Chong Meng Tak and audit committee chairman and independent director Peter Tan from the board.