On The Move

Union Gas Holdings

Union Gas Holdings has named Mr Teo Hark Piang as the group's new chief executive, following his appointment last November as an executive director and director of sales (commercial and industrial).

Mr Teo, 41, is the son of Mr Teo Kiang Ang, the non-executive chairman and controlling shareholder of the fuel products provider.

According to disclosures made to the Singapore Exchange last Thursday, the younger Mr Teo holds directorship at Union Energy Corporation (UEC), and has 12.55 per cent shareholding interest in the gas manufacturer.

Union Gas' board, however, does not consider UEC to be a direct competitor because both companies serve different types of customers. Mr Teo has also not been involved in the day-to-day operations of UEC Group since last November .

The disclosures also showed the younger Mr Teo had paid $117,000 in penalties to the Inland Revenue Authority of Singapore for omitting certain income items for the years of assessment 2004 to 2009 while he was a director at Semgas and Gasmart.

He also paid a penalty for not declaring car benefits in the same tax reporting period.

Blumont Group

Mainboard-listed Blumont Group has reorganised its board of directors and senior management after its chief operating officer (COO) and chief financial officer (CFO) resigned, just one week after the investment holding company appointed a new chief executive officer.

The group is one of three penny stocks said to have been manipulated, plunging its price into a spectacular collapse in 2013. The penny stocks trial is ongoing.

Blumont's new CEO and executive director is Mr Lee Tak Meng while Mr John Lee Yow Meng is the new CFO and executive director, the company said on Wednesday, the day before both men took charge.

It added that COO Lee Boon Teck and CFO Kek Wei Na would relinquish their duties on Tuesday. The duo are also executive directors.

In addition, Mr Ng Keok Chai has replaced Mr Calvin Lim Huan Kim, who has retired as a director of the company.

Mr Ng has also taken over Mr Lim's roles as the company's lead independent director, chairman of the audit and remuneration committees, and a member of the nominating committee.

A version of this article appeared in the print edition of The Straits Times on April 29, 2019, with the headline 'On The Move'. Print Edition | Subscribe