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NGSC files police report over suspected S$1.1m unauthorised payments by two former directors
MAINBOARD-listed NGSC has filed a police report over suspected unauthorised payments of about S$1.1 million made by two former directors, the satellite services provider announced in a bourse filing on Monday.
NGSC did not specify the names of the directors involved, but said that it has provided the Commercial Affairs Department of the Singapore Police Force relevant documents to assist in their investigations.
Meanwhile, NGSC's board is seeking legal advice on the available courses of action to recover the alleged unauthorised payments.
Earlier on Friday, NGSC, formerly known as Next-Generation Satellite Communications, announced that it has cancelled an extraordinary general meeting for the proposed removal of four directors, as the respective directors had resigned.
The four directors in question are former CEO Vicente S Ku - who was fired in March and became a non-executive, non-independent director - along with chairman Andrew Coulton, non-executive non-independent director Raymond Lai Chik Fan, and independent director Raymond Li Man Wai.
NGSC had fired Mr Ku as CEO and managing director with effect from March 8, citing unresolved differences of opinion on material matters between Mr Ku and the board, as well as matters that needed to be brought to shareholders’ attention.
Mr Ku, Mr Lai, and Mr Coulton submitted their resignations as directors on May 30, citing personal reasons. Mr Li submitted his on May 31, resigning "to pursue other personal development".
Shares of NGSC, which is on the SGX watchlist, last traded at S$0.002 on May 24.