MC Payment's board must do better at explaining disagreements with Ching

MC PAYMENT's board has fallen out with its controlling shareholder Ching Chiat Kwong.

Mr Ching, who is also the chief executive officer of mainboard-listed property group Oxley Holdings, has said he has "completely lost confidence in the current board" and has made two requisitions - the first to nominate five new directors (including himself) to the company's board, and the second to remove all but one of MC Payment's directors (including its chief executive Anthony Koh).

MC Payment's board has responded that it wishes for the company to remain "above the fray" and "not be drawn into any private disputes Mr Ching may have with any particular shareholder or director".