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NGSC's chairman, ex-CEO and others face removal from board
MAINBOARD-LISTED satellite service provider NGSC’s former chief executive, fired in March, is now the target of efforts to take away his board seat - along with the chairman’s and two other directors’.
Shareholders have called a vote to oust not just non-executive, non-independent director Vicente S Ku, the former CEO, and the other named directors, but also anyone else who is named to the board between the April 10 requisition notice and the extraordinary general meeting.
The NGSC board said on Sunday evening that it is “currently seeking professional advice” on the requisition notice from Sri Tjintawati Hartanto, who is on the remuneration committee, and Telemedia Pacific Group. Together, they hold some 1.11 billion shares, or roughly 17.3 per cent of the company.
Besides removing Mr Ku “from all appointments with the company, its subsidiaries and its associates and its investee companies”, Ms Hartanto and Telemedia Pacific also want to give the boot to company chairman Andrew Coulton, non-executive non-independent director Raymond Lai Chik Fan, and independent director Raymond Li Man Wai.
NGSC, formerly known as Next-Generation Satellite Communications, disclosed on March 22 that it had terminated Mr Ku’s employment as CEO and managing director a fortnight earlier.
It also acknowledged that there were 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. It would get legal advice and “update shareholders in due time”, it added then.
Mr Ku was re-designated a non-executive, non-independent director on March 15.