SINGAPORE - Yorkshine Holdings on Wednesday night (April 17) said it is in the process of identifying a suitable CEO candidate, and considering the appointment of additional independent non-executive directors to enhance corporate governance within its board.
This comes after the company filed a police report in Hong Kong last February against former chief executive, Chow Kin Wa. Mr Chow had allegedly withheld accounting vouchers of the group, bank loan agreements and banking facilities, fixed assets register, and other trading related contracts such as sale and purchase contracts.
He was ousted in January 2018, following an investigation into the group's conduct relating to the trading and distribution of iron ore, coal and steel products.
The new appointments are expected to be finalised by early June this year, Yorkshine said.
Separately, the company said that it expects to publish its first half 2019 results for the six months ended Oct 31, 2018, around mid-May, and results for fiscal 2019 ended April 30, 2019, by July 31.
In July last year, Yorkshine and five of its subsidiaries received a letter of demand for the repayment of over US$33.24 million in loans.
The counter has been suspended since Aug 1, 2017, and will remain suspended until further notice, the company said.