Nam Lee’s bid to throw light on move to replace chairman draws a blank
The company also does not know if the proposal is related to a whistle-blowing report involving its managing director
[SINGAPORE] Nam Lee Pressed Metal Industries does not know why two of its shareholders are calling for the removal of its chairman and executive director Joanna Yong, the mainboard-listed company said in a bourse filing on Sunday (Jan 4).
On Nov 21, Nam Lee disclosed that it had received a requisition notice from shareholders Yong Kin Sen and Yong Poon Miew to convene an extraordinary general meeting (EGM) to remove Joanna Yong as a director.
The meeting will be held at 10 am on Jan 9 at the Orchid Country Club.
The requisitioning shareholders own a combined stake of at least 10 per cent of the company. However, they have not provided any rationale for the proposed removal, Nam Lee said in Sunday’s filing, in response to queries from other shareholders ahead of the EGM.
The queries included why the requisition is targeting Joanna Yong, and whether it is connected to broader governance, strategic or operational disagreements within the board or the Yong family shareholders.
The EGM comes months after Nam Lee’s managing director Eric Yong was interviewed by the Corrupt Practices Investigation Bureau (CPIB) over a whistle-blower report.
Eric Yong is a cousin of Joanna Yong, as well as another executive director, Adrian Yong.
Nam Lee said in an October bourse filing that the allegations covered in the CPIB interview appeared to be the same ones raised in a separate report received by its audit committee in FY2024.
The committee referred the matter to internal auditors, who then “concluded that nothing has surfaced or so to indicate the need for more comprehensive or further investigation”, Nam Lee previously announced.
Nam Lee said that it is unaware if the proposed removal is related to allegations that led to Eric Yong’s interview with CPIB.
Responding to a query on whether there are concerns about Joanna Yong’s independence, the company added that the board has not raised any concerns on that matter, nor on her decision-making or responsibilities.
“The board has not previously received any formal or informal concerns from the requisitioning shareholders about (Joanna Yong) as a director,” it said.
Nam Lee shares ended Friday flat at S$0.645.
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