Temasek-linked directors of One Championship resign

TWO Temasek-linked directors of One Championship, Derek Lau and Fock Wai Hoong, recently resigned from the board of the Mixed Martial Arts (MMA) outfit, according to regulatory filings of its business entity Group One Holdings.

Mr Lau, who is chief executive of Temasek unit Heliconia Capital Management, resigned from the board of One Championship, in mid-April. Mr Fock, a managing director at Temasek, subsequently resigned in end-April.Temasek and Heliconia declined to comment on the matter. In a statement on Monday evening, One Championship president Teh Hua Fung said: "As part of our plans for a public listing, we are taking a number of technical steps to ensure that we have the right governance structure in place for various jurisdictions, including the US." He added that Temasek and Heliconia "remain fully engaged and supportive" of the company's strategic direction. Mr Lau had joined One Championship's board back in 2016, after Heliconia invested in the company. Mr Fock was more recently added to the board in July last year. A month earlier, One Championship had announced a US$70 million fundraise, joined by existing investors Temasek and Sequoia. The company also simultaneously axed a fifth of its headcount.

The high-profile departures come as One Championship has been badly hit by Covid-19 restrictions. The company is now trying to break through into reality television with its version of The Apprentice, although there is scepticism over its past financial performance and future prospects.