The Straits Times
Published on Feb 17, 2013

Sakae Holdings to hold shareholders' meeting to remove director Andy Ong


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.