'Growing discontent' before Ayondo founder left the company: board

Annabeth Leow
Published Fri, Feb 22, 2019 · 11:50 AM

TIES between the founder of Catalist-listed financial technology firm Ayondo and its directors and key investors had become increasingly strained, the board disclosed on Friday evening.

Robert Lempka resigned as chief executive on Jan 23, in a move that the company said at the time was "to pursue other interests". Company adviser Richard Mark Street was then named interim CEO.

UOB Kay Hian, Ayondo's sponsor, has since noted that there was "growing discontent" between Mr Lempka and the board, as well as its biggest shareholder, Singapore private equity firm Luminor Capital.

Mr Lempka and Luminor butted heads over the progress of Ayondo's business initiatives, the group's fund-raising requirements and the state of its business and financial performance, while there was dissatisfaction among directors over the direction and fund-raising options being pursued, the board said.

It also acknowledged an outstanding payment due to Mr Lempka in lieu of the notice period.

The board said that there is nothing else about Mr Lempka's resignation that needs to be brought to the attention of the bourse operator and Ayondo shareholders.

It added that the sponsor - after talking to Mr Lempka, the board and Luminor - "is not aware of any other material reasons for the cessation of Mr Lempka" as company director and CEO.

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