See Hup Seng managing director voted out, founder returns to the board

Managing director of locally-listed See Hup Seng, Mr Jimmy Tan, was voted out as an executive director of the company this morning.

The vote margin against him at the extraordinary general meeting (EGM) was 93 per cent of the 254 million votes cast.

Mr Tan, 54, tendered his resignation to the board after the resolution to oust him was passed. He was one of the co-founders of wholly-owned unit, Tat Petroleum, and has been managing the business for the past 28 years.

At the meeting, former chairman and founder of See Hup Seng, Thomas Lim, was reinstated onto the board as an executive director with the same vote margin of 93 per cent.

Mr Ng Keng Sing, 53, was also appointed as an executive director of See Hup Seng at the EGM. Mr Ng has more than two decades of experience in the petroleum industry.

Mr Ng was approached by Mr Lim some time in the last two to three months to assist See Hup Seng in the managing of its petroleum arm.

Mr Lim, 65, did not stand for re-election as executive chairman at the company's annual general meeting on April 29 and resigned from his directorship roles.

The duo is said to have had differing views on expanding and growing See Hup Seng's business and had a falling out some time in March this year.

At a media conference after the EGM, Mr Lim said that Mr Tan told him to step down or risk getting voted out in a "less polite manner" after a board meeting about four months ago.

A trading halt on the shares was called after the EGM.