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Pine Capital executive chairman quits

PINE Capital Group, which recently ended its legal tussle with a former chairman, on Monday announced that its latest executive chairman has left the company.

Tomi-Jae Wanlun Tjio, 57, resigned for “personal matters” effective Nov 22, according to a bourse filing by the Catalist-listed investment firm.

Previously the non-executive chairman, Mr Tjio was re-designated as executive chairman on Sept 12. He was also appointed as chairman of the remuneration committee and a member of the audit committee on the same day, while remaining as chairman of the nominating committee.

His responsibilities were to provide overall leadership to improve the effectiveness and performance of the board, and to act as an adviser to the key management team.

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Pine Capital stated in the filing on Monday that there are no unresolved differences in opinion on material matters between Mr Tjio and the board of directors.

Mr Tjio was first appointed as a new independent director in March, just as the company’s former interim chief executive officer (CEO) and executive chairman Tan Choon Wee had quit.

The group called for an extraordinary general meeting in April to propose the removal of Mr Tan, who was then also CEO and director of Pine Capital's subsidiary Advance Capital Partners Asset Management (ACPAM), from the board of ACPAM. Mr Tan sued the group, and Pine Capital subsequently commenced its own legal proceedings against him and other former directors and officers of ACPAM. In October, Pine Capital and ACPAM reached a settlement with Mr Tan after mediation.

Separately, earlier this month, Pine Capital posted a net loss of S$1.8 million for its second quarter ended Sept 30, widening from a loss of S$358,000 a year ago.

Trading in Pine Capital shares has been suspended since March.