News

Change - Announcement Of Appointment Of An Independent And Non-Executive Director

BackMar 26, 2024
Announcement Title Change - Announcement of Appointment
Date & Time of Broadcast Mar 26, 2024 20:36
Status New
Announcement Sub Title Appointment of an Independent and Non-Executive Director
Announcement Reference SG240326OTHRDHGW
Submitted By (Co./ Ind. Name) Dr. Terence Tea
Designation Executive Chairman and Managing Director
Description (Please provide a detailed description of the event in the box below) Please refer to the information below.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. ("Sponsor" ), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ( "SGX-ST" ).

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Joseph Au, Registered Professional, RHT Capital Pte. Ltd., 36 Robinson Road, #10-06 City House, Singapore 068877, sponsor@rhtgoc.com
Additional Details
Date Of Appointment 26/03/2024
Name Of Person Chin Sek Peng
Age 67
Country Of Principal Residence Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) The Board of Directors, having considered the recommendation of the Nominating Committee and assessed Mr Chin Sek Peng ("Mr Chin") qualifications, credentials, experience in accounting and finance industry and independence, approved the appointment of Mr Chin as an Independent and Non-Executive Director of the Company with effect from 26 March 2024. Mr Chin shall also be appointed as the Chairman of the Audit Committee and member of the Remuneration and Nominating Committees of the Company.

The Board of Directors considers Mr Chin to be independent for the purpose of Rule 704(7) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (the "Catalist Rules").

Whether appointment is executive, and if so, the area of responsibility Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Independent and Non-Executive Director, Chairman of the Audit Committee and member of the Remuneration and Nominating Committee.
Professional qualifications Mr Chin is a Fellow member of the Institute of Singapore Chartered Accountants, Fellow member of the Institute of Chartered Accountants in England and Wales, Business and Finance Professional, Ordinary member of the Singapore Institute of Directors, Member of the Institute of Internal Auditors, Singapore, BA (Hons) Accounting and Finance, Lancaster University
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries Nil
Conflict of interests (including any competing business) Nil
Working experience and occupation(s) during the past 10 years 2021 2023: Executive Chairman of PKF entities in Singapore
2017 2020: Managing Partner of PKF entities in Singapore
2002 2023: Co-founder and Director of PKF-Cap Advisory Partners Pte Ltd
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) Yes
Shareholding interest in the listed issuer and its subsidiaries? No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years) TEE International Ltd
Amcorp Global Ltd (formerly known as TEE Land Ltd)
Sitra Holdings (International) Ltd
PKF-Cap Advisory Partners Pte Ltd
PKF-Cap Risk Consulting Pte Ltd
PKF-HT Khoo PAC
PKF-ACPA Management Consultants Pte Ltd
PKF-Khoo Management Services Pte Ltd
PKF-Cap Tax Solutions Pte Ltd
Singapore Women's & Children's Medical Group Ltd (SWCMG)

Other Principal Commitments
Partner of PKF-CAP LLP
Executive Chairman of PKF entities in Singapore
Managing Partner of PKF entities in Singapore

Present Cortina Holdings Ltd
Sunpower Group Ltd
C&L Business Advisors Pte Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? No
(c) Whether there is any unsatisfied judgment against him? No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? Yes
If Yes, Please provide full details In October 2019, Mr Chin and his partner were appointed joint receivers by his client ("Lender") over the charged assets of the Borrowers in relation to a loan made to the Borrowers in 2016. In the loan agreement, the Lender is entitled to additional interest on the loan and the interest is calculated based on the valuation of certain properties owned by the Borrowers. The Borrowers disputed on this additional interest claimed by the Lender and in January 2020, the Borrowers took up a lawsuit against the Lender on grounds that the loan agreement is not valid. Additionally, the Borrowers also took legal action against Mr Chin and his partner as joint receivers by challenging the validity of their appointment as receivers under the security documents. At the pre-trial conference in April 2020, parties agreed to pursue mediation in an attempt to settle the dispute. The mediation was held in June 2020 but was not successful. The case proceeded to trial and in December 2021 the judgement came out in favour of the receivers with all the allegations made by the plaintiffs being dismissed.
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? No
Any prior experience as a director of an issuer listed on the Exchange? Yes
If Yes, Please provide details of prior experience Mr Chin is currently the director of Cortina Holdings Ltd and Sunpower Group Ltd.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable) Not applicable