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Swee Hong CEO steps down on bankruptcy order
SWEE Hong Limited said on Monday that its managing director and CEO Ong Hock Leong has stepped down from his roles after his lawyers informed the group of a bankruptcy order against him.
According to lawyers of Mr Ong, a bankruptcy order has been made on Feb 18 against him. Consequently, his office as a director of the company is vacated in accordance with the company's Memorandum and Articles of Association and the Companies Act.
Mr Ong will also cease to act as the managing director and the group chief executive officer with effect from Feb 18. But in view of Mr Ong's experience, the board has requested and Mr Ong has agreed to remain as an adviser to the board and management team of the group.