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Team led by Charles Madhavan wins Magnus board tussle

Nearly 100 retail investors, upset about losing their investments, vote the challenger's team in

Angela Tan

Published Thu, Jan 9, 2020 · 09:50 PM

magnus energy

Singapore

IT was like a weigh-in before a prize fight between two boxers.

In one corner was Charles Madhavan, 61, a self-proclaimed blue-collar oil man and frustrated shareholder. In the other was Lee Chong Ping, 40, an independent director whose appointment by Magnus Energy on Nov 22 is being queried by the Singapore Exchange (SGX).

After more than three hours of listening to both teams at an extraordinary general meeting (EGM) on Thursday, shareholders voted in Charles Madhavan and his proposed team of directors on board.

More than 63 per cent of the total number of valid votes were recei…

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