SINGAPORE - Mainboard-listed Oriental Group has terminated Mr Lee Wan Sing as its chief executive officer with immediate effect, the board said in a filing to the SGX late Wednesday (May 11) night.
The board arrived at the decision "collectively", and the details of Mr Lee's termination will be contained in a separate announcement, the filing said.
Mr Lee, who had been appointed chief executive in 2014, remains as a director of the company.
Mr Lim Kok Hui has been appointed to take over as chief executive with effect from Wednesday.
Seperately, the board said that it had received a requisition notice from four shareholders on Tuesday, and is currently seeking legal advice on this matter.
The letter, from shareholders Tan Seow Juay, Oh Ban Wah, Tay Choon Kiat and Chan Geok Leng, calls for an extraordinary general meeting to be held, and seeks to remove Mr Chua Hung Meng, Mr Tan Song Kwang, Mr Koh Choon Kong, Mr Ong Wee Chuan and Mr Lee Wan Sing as directors of Oriental.
The shareholders' letter did not give a reason for the resolutions, saying only that they wished to appoint Mr Lee Ong, Mr Lau Kok Guan and Madam Kow YuenTing as new directors of Oriental.
In January, the board said it had set up an independent review committee to investigate alleged unauthorised deals made by chairman Wu Dingrong and his son-in-law and executive director Sun Lu, without the approval of the board and other directors.
Oriental produces and sells steel bars and billets in China as well as trade steel products overseas, mainly in Southeast Asia.