SINGAPORE - Raffles Education Corp on Monday received a notice of requisition from substantial shareholder Oei Hong Leong seeking once again to remove the company's founder Chew Hua Seng as chairman and chief executive officer.
One of the resolutions is for the removal of Mr Chew, including terminating his employment with Raffles Education, from all his appointments with the company, its subsidiaries and associates.Mr Oei is also seeking to appoint one of the independent directors as a non-executive chairman, or to have the board of directors search for a suitable candidate.
According to Monday's notice, Mr Oei is also hoping an independent special auditor will be appointed to conduct a special audit on the circumstances surrounding that 2017 placement and a rights issue in April 2018 which issued some 318.2 million rights shares at S$0.14 each. Mr Oei also wants the independent special auditor to investigate whether there were any regulatory compliance, corporate governance and disclosure issues arising from the handwritten agreement, including whether Raffles Education had failed to announce materially price-sensitive information.
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