Shanghai Turbo seeks legal advice on requisition letter

SINGAPORE - Shanghai Turbo Enterprises said on Wednesday (Oct 25) that it had received a requisition letter for an extraordinary general meeting to remove the entire board last Friday.

The letter, which had no sender's address, is purportedly from Mr Liu Ming, a former executive director, Shanghai Turbo said.

The letter calls for the board to be replaced with three ex-directors of the company - Mr Huang Wooi Teik, Mr Kelvin Tan, and Mr Liu Ming - as well as Ms Pan Haiya, who was Mr Liu Ming's assistant.

The company said it is seeking legal advice on the validity of the requisition letter and will make an announcement within three weeks of its receipt.

On Sept 15, the company secured a S$30 million injunction from the Singapore High Court against Mr Liu Ming, prohibiting the disposal of his assets in Singapore.

He is beneficially interested in 8.2 million shares of the company, representing a 29.98 per cent voting block.