MAGNUS Energy Group disclosed that two of its directors stepped down just half a year after winning a board tussle because they disagreed with the chief executive officer (CEO) on certain payments, office rental, staff costs, and the shutdown of a plant in Malaysia. Read more at The Business Times.
One of Mr Kuek's concerns was that the payments were not disclosed to him and Mr Ong, and were authorised by the CEO and Mr O'Connor, who was the audit committee chairman, without Mr Kuek's knowledge. On Thursday, Mr Madhavan said that Mr Kuek was in the company's office from January to February this year together with Mr Madhavan and Mr O'Connor, and had been privy to all conversations on the matters above and never voiced his objections.
However, due to Singapore's"circuit-breaker" measures announced in April, Mr O'Connor was unable to continue his work, and the Ministry of Manpower rejected his application to take on a secondary directorship with the company. The then board thus decided it would not be possible for him to carry on as an independent non-executive director.
Mr Ong, meanwhile, disagreed with the CEO on shared office rental and staff costs, as well as the shutting down of a microalgae plant. Mr Madhavan is a director of and holds about half of the shares in BWEPL. Mr Ong thus felt that Mr Madhavan stood to gain from the fees paid to BWEPL under the service agreement.
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