MC Payment controlling shareholder Ching says he lacks confidence in current board

THE controlling shareholder of MC Payment, Ching Chiat Kwong, is asking for the removal of all but one of the company's current directors because of a "loss of confidence in the current board".

In a letter on Thursday seen by The Business Times, Mr Ching, who is also the chief executive officer of mainboard-listed property group Oxley Holdings, said this was due to "recent discoveries" as well as the current board's "failure to pay due regard to my rights as a shareholder".

Although MC Payment's chairman Albert Cheok had welcomed him to the board, Mr Ching said Mr Cheok had also referred to him as a "cunning fox" in an email that Mr Ching believes was sent to him by mistake.