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Nakamichi removes CEO
by Cals Mon 29 Jul 2013, 12:46
Nakamichi removes CEO
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com
Monday, 29 July 2013 12:32
KUALA LUMPUR (July 29): Shareholders of Nakamichi Corp Bhd have approved the resolution to remove its chief executive officer Lo Man Heng, according to shareholders at the timber firm's extraordinary general meeting (EGM) today.
"Most of the shareholders have voted in favour of the resolution," said a shareholder after the EGM.
To recap, Nakamichi controlling shareholders See Thoo Chan and her husband Goh Kheng Peow had failed to remove Lo at the company's annual general meeting on June 28 this year.
This is because Lo was granted an interim injunction by the High Court.
See together with Goh own a 32.94% equity stake in Nakamichi.
The dispute started with the acquisition of Tamabina Sdn Bhd by Nakamichi in 2008.
The acquisition came with a profit guarantee for three financial years. However, Tamabina did not fulfill the profit guarantee in the second year.
See had earlier lodged a police report following missing share certificates held by Tamabina.
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com
Monday, 29 July 2013 12:32
KUALA LUMPUR (July 29): Shareholders of Nakamichi Corp Bhd have approved the resolution to remove its chief executive officer Lo Man Heng, according to shareholders at the timber firm's extraordinary general meeting (EGM) today.
"Most of the shareholders have voted in favour of the resolution," said a shareholder after the EGM.
To recap, Nakamichi controlling shareholders See Thoo Chan and her husband Goh Kheng Peow had failed to remove Lo at the company's annual general meeting on June 28 this year.
This is because Lo was granted an interim injunction by the High Court.
See together with Goh own a 32.94% equity stake in Nakamichi.
The dispute started with the acquisition of Tamabina Sdn Bhd by Nakamichi in 2008.
The acquisition came with a profit guarantee for three financial years. However, Tamabina did not fulfill the profit guarantee in the second year.
See had earlier lodged a police report following missing share certificates held by Tamabina.
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