THE board of Sakae Holdings has initiated a shareholders' meeting to remove one of its own after he failed to resign from his post as directed.
At the start of the month, the board asked non-executive director Andy Ong Siew Kwee to resign after an investigation fingered him as being responsible for various undisclosed irregular financial transactions at an associated company.
He had been given up to seven days to resign. However, he has not done so as of last Friday.
As a result, the board will now proceed to convene an extraordinary general meeting to remove Mr Ong.
"The company has submitted the circular to shareholders for the proposed EGM to the Singapore Exchange and will convene the proposed EGM as soon as possible," Sakae chairman and chief executive officer Douglas Foo Peow Yong said in a statement on Saturday.
Sakae, a mainboard-listed firm known for its chain of Japanese restaurants, had announced last month that it had reported the issue to the Commercial Affairs Department and the Minister for Finance, in accordance with the Companies Act.