Kimly: Former Directors Lim and Chia won’t proceed with consultant work

Kedai Kopi, a Singapore-style coffee shop, with a Tenderbest outlet, located at Haig Road in Singapore’s Geylang neighborhood. Photo taken October 2021Kedai Kopi, a Singapore-style coffee shop, with a Tenderbest outlet, located at Haig Road in Singapore’s Geylang neighborhood. Photo taken October 2021

Kimly‘s former Executive Chairman Lim Hee Lian and former Executive Director Chia Cher Khiang have “mutually decided not to proceed” with engagement as independent consultants to the company, the Singapore-style coffee shop operator said in a filing to SGX Saturday. 

That was “in view of feedback and concerns received from stakeholders following the announcement”  of consultancy agreements in early March, Kimly said.

“In the meantime, Mr. Lim and Mr. Chia have reiterated their continued commitment and support to the group’s growth and expansion, and emphasised their confidence in the leadership and direction of the board and management,” Kimly said, noting the two have an aggregate 41.3 percent ownership stake.

In mid-February, Lim was fined S$150,000 and Chia was fined S$100,000, after admitting to charges under the Securities and Futures Act; in addition, both Lim and Chia will be disqualified from acting as directors and/or directly or indirectly managing a company for five years.

The charges against Lim and Chia were related to the company’s failure to notify Singapore Exchange that its acquisition of Asian Story Corp. (ASC) was an interested-person transaction, and that Lim had failed to disclose ASC was partially beneficially owned by him.

Kimly rescinded the acquisition in 2018 and received back all the consideration it had paid.

After Lim and Chia resigned as directors in November 2021, Kimly had requested they remain employees of the company to assist in the management transition.

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