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Foreland Fabrictech's independent directors quit, leaving behind a one-man board
BELEAGUERED Chinese textile maker Foreland Fabrictech Holdings has lost all of its independent directors, with only executive chairman Yang Meng Yang left on the board, the company announced on Friday.
Seah Chee Wei, Wu Geng and Lim Aik Bin resigned in one fell swoop on Thursday, with all of them saying that they left "to pursue other interests". Mr Seah and Mr Wu joined the board in late 2014, while Mr Lim was appointed in November 2017.
The latest board announcement, signed by Mr Yang, said that the company is now looking for new candidates to reconstitute the board and the nominating, remuneration and audit committees, to comply with Singapore regulations.
Foreland Fabrictech, which has been suspended from trading since Dec 27, 2016, said earlier in the week that it does not know how much it owes in a Chinese court case that dates back to 2013.
It also faces a legal imbroglio involving former executive chairman Tsoi Kin Chit, whom the company has accused of going rogue with a subsidiary in China despite his resignation in 2016. Foreland Fabrictech said in May 2018 that it "may have lost control" of that subsidiary, Fulian Knitting Co, without full access to its funds.