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Kimly director retires, does not intend to seek re-election
COFFEESHOP operator Kimly's lead independent director Ter Kim Cheu, 73, is retiring, the Catalist-listed firm announced on Tuesday night.
Due for retirement under the company's constitution, Mr Ter did not wish to seek re-election so as to avoid possible negative perceptions arising from his familial relationship with Ong Eng Sing - who had been a non-executive and non-independent director of Kimly until Jan 23, 2018 - "in light of the ongoing investigations by the regulatory authorities", said Kimly.
Investigations began in late-2018 over Kimly's controversial purchase of drinks firm Asian Story Corporation (ASC), which was later aborted. ASC had been acquired from Pokka Corp employee Wang Chia Ye. Mr Ong had been the former chief executive of Pokka International, and is Mr Ter's nephew.
Mr Ter is retiring at the end of the upcoming annual general meeting on Jan 21 and stepping down as lead independent director, as member of the audit and remuneration committees, and as chairman of the nominating committee.
Having interviewed Mr Ter, and to the best of its knowledge, the company's sponsor is satisfied that there are no other material reasons for Mr Ter's cessation as an independent director.