Thursday, May 28, 2015Thursday, May 28, 2015

Fu Yu CEO leaves firm after losing appeal against High Court ruling

Published on May 21, 2014 8:55 PM

Fu Yu Corporation chief executive officer (CEO) Ho Kang Peng is leaving the company following a Court of Appeal decision to uphold a High Court ruling that he had breached his fiduciary duties when he was chief executive of Scintronix Corp.

The court had found Mr Ho had compromised the interests of the mainboard-listed plastics manufacturing firm by authorising $169,644 in payments to a Taiwanese company, Bontech Enterprise, for services not rendered.

As a result, Mr Ho has to compensate the amount paid by the company under the sham agreement.

Mr Ho, 59, is stepping down as executive director with immediate effect but will be serving three months' notice as CEO.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!