Pine Capital says two independent directors stepped down over lack of information

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Pine Capital Group said early on Tuesday that two independent directors have stepped down, effective Monday, because they were “unable to obtain sufficient information in a timely manner to discharge fiduciary responsibilities.”

Both directors said they were unable to make an assessment on the company’s state of affairs, the asset management group said in a filing to SGX early on Tuesday.

Ling Chung Yee Roy, lead independent director, brought up matters in the exit interview which the board will be required to address and announce, the filing said. He has been on the board since June 1, 2018.

In addition, Chong Chee Hoong, acting independent non-executive chairman and independent director, brought up other matters in the exit interview, which was conducted after 9 p.m., based on his availability, the filing said. He was appointed to the board on March 1, 2019.

Both directors’ exit interviews and the responses from the company have not been completed, Pine Capital said.

Earlier this month, Pine Capital said Tan Choon Wee had resigned as interim CEO and executive chairman, ahead of an attempt to oust him from the asset management group.

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