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Shanghai Turbo Enterprises board control challenge fails
THE challenge for board control at Shanghai Turbo Enterprises has been beaten off.
In a regulatory filing on Tuesday, Shanghai Turbo Enterprises announced that the resolutions for the appointment or removal of five directors were shot down at the extraordinary general meeting, also on Tuesday.
The precision manufacturer's shareholders voted by poll against the removal of Daniel Liu Danjun as director. They were also against another four men - Lin Chuan Jun, Koh Wee Kiang, Zhang Wen Jun and Loh Kai Keong to be appointed directors.
Separately, Shanghai Turbo Enterprises intends to file an appeal against the Singapore High Court's dismissal of its application to restrain former executive director Liu Ming from requisitioning, convening or holding any EGMs to remove any of its directors, appoint any persons as its directors, discontinue or delay a lawsuit against Mr Liu, not to initiate lawsuit against Mr Liu as well as taking over control and management of the company.