‘No further action’ by CPIB against Nam Lee MD over whistle-blower report
This comes ahead of extraordinary general meeting called to oust company executive director and chairman
[SINGAPORE] The Corrupt Practices Investigation Bureau (CPIB) will take “no further action” against the managing director of Nam Lee Pressed Metal Industries over a whistle-blower report filed against him, said the mainboard-listed company on Thursday (Jan 8).
The CPIB interviewed Eric Yong, the group’s managing director, over the report, which contained certain undisclosed allegations against him, the metal manufacturer said in October.
“The board wishes to inform shareholders that Eric Yong has informed the chairman of the nominating committee that the CPIB has advised Eric Yong that no further action will be taken against him,” said Nam Lee in an update to the case on Thursday.
The news comes ahead of an extraordinary general meeting (EGM) scheduled to be held at 10 am on Friday to remove Nam Lee’s chairman and executive director Joanna Yong.
Two of the company’s shareholders, who hold a combined stake of at least 10 per cent, had requisitioned an EGM to remove Joanna Yong, who is Eric Yong’s cousin, as a company director, Nam Lee disclosed on Nov 21.
The company said on Nov 4 that the two shareholders, Yong Kin Sen and Yong Poon Miew, did not provide any rationale for the proposed removal of Joanna Yong as a company director. This was in response to queries from other shareholders ahead of the EGM.
Shareholders had also submitted queries why the requisition was targeting Joanna Yong, and whether it was linked to issues of governance or strategic or operational disagreements within the board, or the Yong family shareholders.
Another member of the Yong family, Adrian Yong, is an executive director of the company and the cousin of Eric Yong.
Nam Lee called for a trading halt on Thursday morning before the announcement, which has since been lifted.
Shares of Nam Lee closed at S$0.645 on Wednesday, up 1.6 per cent or S$0.01.
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