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Ex-Directors Asks Shanghai Turbo to Pay Director Fees for 2020

MT Newswires ·  {{timeTz}}

01 :10 AM EDT, 07/08/2022 (MT Newswires) -- Shanghai Turbo Enterprises (SGX:AWM) has been served with a letter of demand from three of its ex-directors, requesting for 704,362 yuan ($105,031) worth of outstanding director's fees for the financial year 2020.

The letter of demand stated that the amount is due to the directors, Huang Wooi Teik, Koh Wee Kiang, Lee Kiang Piaw and Wong Kee Hau, relating to the professional services rendered for the financial year ended Dec. 31, 2020, according to a late Thursday disclosure.

The directors have threatened to start formal proceedings against the company if the claimed outstanding amount is not paid by July 11.

However, the precision engineering group has stated that it cannot pay the asked amount by July 11 as the shareholders had voted against the payment of director fees for 2020.

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