Brief: Mayer Became Aware That Chairman & A Non-Exec Director Suspected Of Breaching Fiduciary Duties

Huiyuan Cowins Technology

02/12/2021 13:33

Dec 2 (Reuters) - Mayer Holdings Ltd  1116.HK :
    * BECAME AWARE THAT CHAIRMAN AND A NON-EXEC DIRECTOR ARE
SUSPECTED
OF IN BREACH OF THEIR FIDUCIARY DUTIES OWED TOWARDS CO
    * RESOLVED TO TEMPORARILY SUSPEND ALL DUTIES AND POWERS OF
EXECUTIVE DIRECTOR AND CHAIRMAN, NON-EXECUTIVE DIRECTOR
    * BREACH BY ABUSING USE OF CORPORATE CHOPS OF BAMIAN
INVESTMENTS
PTE
    * RESOLVED TO TAKE ANY LEGAL ACTIONS AGAINST EXECUTIVE
DIRECTOR
AND CHAIRMAN, AND NON-EXECUTIVE DIRECTOR
    * RESOLVED TO INFORM MINORITY SHAREHOLDERS OF GUANGZHOU
MAYER TO
CONVENE A SHAREHOLDERS' MEETING TO HANDLE ANY RELATED MATTERS
    * RESOLVED TO AUTHORISE INDEPENDENT NON-EXEC DIRECTOR TO
ESTABLISH
INDEPENDENT INVESTIGATION COMMITTEE TO CONDUCT INTERNAL
INVESTIGATION
    * RESOLVED TO INVALIDATE BOARD RESOLUTION OF GUANGZHOU MAYER
IN
RESPECT OF DISMISSAL OF 3 DIRECTORS
    * RESOLVED TO INVALIDATE BOARD RESOLUTION OF GUANGZHOU MAYER
IN
RESPECT OF APPOINTMENT OF 3 DIRECTORS

Further company coverage:  1116.HK 

 (Reuters.briefs@thomsonreuters.com)