Wednesday, 22 February 2017

Scan Associates: which breach?

Scan Associates announced:

The Board of Directors (“Board”) of Scan Associates Berhad (“SCAN”) wishes to announce that the Investigative Committee had on 16 February 2017 concluded that Mr Yeoh Eng Kong (“YEK”) was in breach of his duties as a Director of the Company.

After considering the statement/representation given by YEK, the Board agreed to uplift the suspension of YEK as Director of the Company with effect from 17 February 2017 and he shall resume his role as a Director on the same date.

The Company shall not take any further action against YEK as his suspension period is adequate and deemed to serve the purpose.

Can we please get some more information regarding this breach and the whole affair? The above sounds all very vague.

At one moment in time shareholders have to vote on YEK's directorship, if they want him to continue being a director of the company or not, surely they deserve to know how serious the matter was and if indeed the suspension period was adequate and served the purpose.

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