Hong Fok got no independent directors? The list from the Annual Report doesn't show any independent directors. How can? EXECUTIVE DIRECTORS
Mr Cheong Kim Pong
Chairman & Managing Director
Mr Cheong Pin Chuan
Managing Director
Ms Cheong Hooi Kheng
Mr Cheong Sim Eng NON-EXECUTIVE DIRECTORS
Mr Jackson Lee
Mr Tan Tock Han
Mr Lai Meng Seng
For Hong Fok shareholders, just reposting something from jackpot2010, as follows >>.
Let's get started with Step No.1 at once. Any one can help to set up this website?
1. Step No.1: Set up a website to disseminate info for all minorities. Minorities encourage to register therein. Detail action plans will be discussed there.
2. Are there sufficient proof of oppression by majority? Answer is definitely YES! e.g.
a) 4 executive directors of Cheong Family plus 3 management staff, (relatives of Cheong family) i.e. total of 7 persons (all related) drew more than $12m a year in remuneration.
b) Even in yrs when co reported huge losses they continue to pay themselves high remuneration. In the latest accounts if revaluation surplus are excluded, there would be a loss.
c) refuse to declare dividend. Extract from SGX website showed that last div payment was FY31.12.2004, i.e. for past 7yrs from 2005 to 2011, there was zero dividend. In 2007 there was a 6c div but it was offset by rights issue of the same amount, the purpose of which was to utilise s.44 tax credit then.
d) Directors breach of fiduciary duties in reducing profits by increasing own remuneration.
e) No Remuneration Committee or Audit Committee to approve remuneration or accounts.
f) No clearly defined roles of 4 executive directors.
3. Legal remedies available include:
i) Winding up petition
ii) Buyout by majority - preferred court action.
4. To appoint a legal firm to seek court remedies, Buyout.
NextInsight
a hub for serious investors
