Ipco fires CFO on account of 'misconduct'

MAINBOARD-LISTED construction and turnkey project company Ipco International has dismissed its chief financial officer, Carlson Clark Smith, 63, on several grounds of "misconduct", effective Feb 27.

Mr Smith first joined Ipco in May 2002.

In a filing to the Singapore Exchange (SGX) late on Thursday night, the company said that following its extraordinary general meeting on Jan 19, the board had decided to fire Mr Smith as he continued to be absent from the office without seeking prior approval from the board, and did not conduct on-site visits of the group's subsidiaries in China and the US where he was key officer over the last four years.

In addition, Mr Smith as a former board member, had failed to inform shareholders that his passport had been impounded by the Singapore Commercial Affairs Department (CAD) since 2014, the board said.

"This affected Mr Smith's ability to discharge his duties as executive director and CFO for the company's overseas operations, especially as sole manager of the USA subsidiary, Capri Investments LLC."

A media report last month said Mr Smith had his passport impounded in relation to the 2013 penny stock crash.

Former Ipco International director and CEO Quah Su-Ling, and Ipco interim chief executive Goh Hin Calm have been charged in the case and are out on bail.

Lastly, Ipco said on Thursday its board had also decided to lay off Mr Smith due to his decision to surrender Capri Investments' right to future land development, without first consulting the board or seeking its approval.

Shares in Ipco traded at 0.3 Singapore cent apiece on Thursday, unchanged from the previous day's close.