KTL Global independent director quits after 5 weeks on the job

SINGAPORE - An independent director at offshore services company KTL Global has quit, just five weeks into the job.

New Zealand national Zhao Chengcheng, 35, left on Jan 18, according to a bourse filing on Monday (Jan 21).

Ms Zhao, who joined on Dec 10, 2018, was on the audit, nominating and remuneration committees.

Her departure, which the announcement attributed to "personal reasons", is the third at KTL Global in the past year and knocks the number of audit committee members below a three-person minimum.

According to the filing, which was submitted by KTL Global chief executive Tan Kheng Kuan, there are no unresolved differences in opinion on material matters between Ms Zhao and the board, nor any other relevant information that needs to be shared with shareholders.

Ms Zhao remains a director of Cheer-win International Holdings, a private company listed in Accounting and Corporate Regulatory Authority records as engaged in "other monetary intermediation" such as e-commerce, electronic payment and mobile wallets. She has a 20 per cent stake in the one-year-old firm.

Separately, no public updates have been given on investigations into KTL Global. Various officers have been probed by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore.

They include Mr Tan's predecessor, Tan Kheng Yeow, who was asked in October 2017 to assist in a probe over a possible offence under the Securities and Futures Act.

More recently, executive chairman Tan Tock Han was among the company directors who were sought for interviews by the CAD, a police unit, according to a disclosure by KTL Global in August 2018.