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Z-Obee's executive director disqualified from post by bankruptcy order
ONE of Z-Obee Holdings' executive directors, Wang Shih Zen, has been disqualified from holding his post following a bankruptcy order made by the High Court of Hong Kong against Mr Wang.
While the order had been made on Oct 28, 2015, Z-Obee said in a filing to the Singapore Exchange on Friday that it had been "recently aware" of the bankruptcy order. "By a gazette notice dated Nov 6, 2015, it is confirmed that the bankruptcy order against Mr Wang was made on Oct 28, 2015," the company said.
According to the bye-laws of the company, the bankruptcy order means that Mr Wang's position as executive director has been "automatically vacated".
"The company further announces that Mr Wang has also ceased to act as the chairman, the authorised representative of the company and the member of the nomination committee with effect from Oct 28, 2015," Z-Obee said.
Z-Obee, which was served winding up petitions in 2014, added that Mr Wang "had not been contactable by any means" since the date of the appointment of the joint and several provisional liquidators, which was in June last year.
In a separate announcement on Friday, Z-Obee said that the court hearing in relation to winding-up petitions had taken place on Nov 16, 2015, and that the hearing had been further adjourned to Feb 22, 2016.
Trading in Z-Obee's counter has been suspended since June 27, 2014, and will remain suspended until "further notice".