Singapore executive moves Friday: Raffles Education’s Gan retires as director, citing Affin Bank writ; MoneyMax, CICT

Singapore two-dollar bills

These are Singapore companies which announced personnel changes on Friday, 29 October 2021, and Saturday, 30 October 2021: Raffles Education, MoneyMax Financial Services, CapitaLand Integrated Commercial Trust (CICT), Tiong Woon and GCCP Resources.

Raffles Education

Raffles Education said Saturday Gan Hui Tin, age 67, has retired as independent and non-executive director, effective Saturday.

Under the reason for cessation in the SGX filing, Raffles Education noted Gan had called the company’s chairman on 16 June, followed by emailing on 17 June, indicating she wished to resign from the board immediately due to her disagreement over not disclosing the receipt of a Writ from Affin Bank in Malaysia. The Writ was received on 27 May and the board was notified on 28 May, the filing said.

Gan, who had been appointed to her role in 2018, was among the directors required to attend interviews with the Commercial Affairs Department (CAD) of the Singapore Police Force earlier this month for an investigation of a possible offence under the Securities and Futures Act  related to the Writ.

Chew Hua Seng, Raffles Education’s chairman and CEO, had requested Gan hold back her resignation until the annual general meeting (AGM) on Saturday as difference of opinion with the board, as stated in Gan’s resignation notice, “could attract unnecessary attention,” Raffles Education said in the filing Saturday.

“This could potential jeopardize REC’s ongoing negotiations with Affin Bank,” the filing said. “The chairman had also assured Mdm. Gan that negotiations with Affin Bank were progressing well and that the Writ would be withdrawn soon.”

Gan then decided to defer her resignation to the AGM, when she was due for retirement, the filing said.

“However, Mdm. Gan continued to take different positions from the board on certain announcements to shareholders and responses to SGX,” the filing said.

MoneyMax Financial Services

MoneyMax Financial Services has appointed Chong Chit Bieng, age 46, as chief financial officer, effective 1 November, the pawnbroker said in a filing to SGX Friday. Chong has been the chief financial officer at SK Jewellery Group from January to October of 2021 and was the co-founder and director of finance, HR and admin at Plover Trip from October 2017 to December 2020, the filing said.

CapitaLand Integrated Commercial Trust

CapitaLand Integrated Commercial Trust Management, manager of CapitaLand Integrated Commercial Trust (CICT), said Friday Lee Khai Fatt, Kyle, age 69, has retired as non-executive independent director and as chairman of the audit committee, effective 1 November.

Lee was appointed to his role in 2012 and his retirement is due to the “nine-year rule,” which states an independent director is one who has not served for a continuous period of nine years, the trust said in a filing to SGX.

Lee holds 79,225 units in CICT, the filing said.

In a separate filing, CICT said Ng Wai King, age 55, has retired as non-executive independent director and as a member of the audit committee, effective 1 November.

Ng is being considered for a role requiring him to address potential conflicts of interest and must step down as director of the trust, the filing said.

Ng holds 21,431 units of CICT, the filing said.

GCCP Resources

GCCP Resources said Friday it has promoted Loo Wooi Hong, age 27, to CEO from deputy CEO, effective 1 November.

Loo Wooi Hong has been with the group since listing, and an executive director since 2019, and for the past few years has been learning from his father Loo An Swee, executive director and CEO, who tendered his resignation, effective 1 November, the company said in a filing to SGX.

“Loo WH has since gained experience in marketing, site supervision and general management of the group. He is also the liaison and go-to person for all listing and compliance matters for the last few years,” the filing said.

Loo Wooi Hong holds a direct interest in 337.84 million shares, or a 24.9 percent stake, in the company, the filing said.

Loo An Swee, age 53, has resigned as CEO and executive director due to health issues, the company said in a separate filing; he was appointed to the position in 2013. Loo An Swee holds 1.65 million shares in the company, the filing said.

In a separate filing, the company said it had appointed Loh Heng Kwai, age 60, as an executive director, effective 1 November. Loh, who has been with the company for more than 10 years, is responsible for site operation and has “vast experience” in mining operations, the filing said. Loh holds 10 million shares of the company, the filing said.

Tiong Woon Corp.

Tiong Woon Corp. said Friday it has promoted Tan Yuet Jin, age 44, to group financial controller from group finance manager. He will be responsible for the overall financial reporting of the group, the company said in a filing to SGX.

The company has promoted Ong Lip Kong Henry, age 44, to assistant operations manager from senior sales and operations executive, effective 1 November. He will be responsible for supporting the operations manager in supervising the daily operations of Tiong Woon Logistics, the company said in a separate filing to SGX. He is the son-in-law of Ang Kha King, Tiong Woon’s executive chairman, the filing said.

The company also said it has promoted Ang Siew Chien, age 45, to group chief people officer from group HR and administration manager. She will be responsible for overall people management and human resources functions, the company said in a separate filing to SGX.