Shanghai Turbo names 4 new independent directors; 3 independent directors quit

SINGAPORE - Shanghai Turbo Enterprises has appointed four new independent directors to faciliate the renewal of the board to provide a fresh perspective, it said in a filing with the Singapore Exchange.

Wee Liang Hiam, Philip Leng Yew Chee, Ong Sing Huat and Seet Chong Tong have been appointed non-executive independent directors. Meanwhile, Jack Chia Seng Hee, Raymond Lim Sian Heong and Alexander Cheung Hok Fung have resigned as independent directors.

This comes after the Singapore Court of Appeal ordered that the company's extraordinary general meeting (EGM) which was due to be held on July 24 be postponed. At the EGM, shareholders were due to vote on resolutions calling for the removal of Mr Chia, Mr Lim and Mr Cheung as directors.

Mr Wee has been appointed lead independent director, chairman of the remuneration committee (RC) and a member of the audit committee (AC) and the nominating committee (NC). Mr Leng has been appointed chairman of the AC and a member of the RC and the NC, and Mr Ong has been appointed chairman of the NC and a member of the AC and the RC.