Z-Obee disqualifies executive director

Mr Wang Shih Zhen has not been contactable by any means since the date of the appointment of liquidators, said Z-Obee Holdings yesterday.
Mr Wang Shih Zhen has not been contactable by any means since the date of the appointment of liquidators, said Z-Obee Holdings yesterday. PHOTO: Z-OBEE HOLDINGS

Move follows bankruptcy order against Wang Shih Zhen

An executive director of technology services firm Z-Obee Holdings has been forced out of his position after a bankruptcy order was made against him.

The company acted after the Hong Kong High Court made the order against Mr Wang Shih Zhen on Oct 28.

Z-Obee Holdings told the Singapore Exchange yesterday that Mr Wang, 55, also "ceased to act as the chairman, the authorised representative of the company and a member of the nomination committee with effect from Oct 28".

The firm, which had two winding-up petitions filed against it last year, added that Mr Wang had not been contactable by any means since the date of the appointment of liquidators. It did not specify if it was referring to the first appointments made in June last year, or an additional appointment made in June this year.

The company made a net loss of US$78.7 million in 2014 and a net loss of US$50.5 million for the 2015 financial year.

The hearing of the winding-up petitions, which involve a loan of US$6.78 million (S$9.6 million), has been postponed, most recently on Monday. It will now be heard on Feb 22.

Mr Wang was responsible for managing the board and business strategy and direction. He was also in charge of formulating the group's corporate plans and policies, including executive decision making, and was involved in the day-to-day operations.

Z-Obee published full-year results for the 2014 and 2015 financial years only on Monday.

The company made net losses of US$78.7 million and US$50.5 million for the 2014 and 2015 financial years, respectively.

Z-Obee shares were suspended on June 27 last year, to announce the appointment of liquidators. Trading has not resumed.

A version of this article appeared in the print edition of The Straits Times on November 21, 2015, with the headline 'Z-Obee disqualifies executive director'. Print Edition | Subscribe