Wu Yongqiang resigns as executive chairman of Nutryfarm International

THE executive chairman of Nutryfarm International, Wu Yongqiang, has resigned, the latest in a string of departures involving the embattled durian and health food distributor.

The mainboard-listed company announced via a bourse filing on Tuesday (Aug 23) that Wu has resigned from his post, a position he was appointed for in March 8 this year.

Nutryfarm has been placed under judicial management as of Jun 28, and Wu’s services as chairman would no longer be required.

Wu, who owns a 13.97 per cent stake in the company, will step down from his role on Sept 21, 2022.

His short stint as Nutryfarm’s executive chairman, thus far, had been marred with controversies.

Just days after his appointment, bourse operator Singapore Exchange had queried Wu’s suitability as the company’s new executive chairman, considering that he is involved in 18 civil suits in China.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

The company had responded then that these cases are commercial in nature and that it is satisfied with his character and integrity.

Nutryfarm then requested for a trading halt in April after it revealed that its creditor Corpbond IV has issued letters of demand to its subsidiary.

Corpbond IV then made an application for the company to be placed under judicial management, which the High Court approved on Jun 28.

Just days before, Nutryfarm’s financial controller and joint company secretary Yang Kai Leong and non-executive independent director Low Chin Parn Eric had stepped down from their roles.

Yang was in his role for only 4 months, while Low quit just after 8 months.