Change - Announcement of Cessation::Cessation of Vice President - Operations and Commercial

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
20-Mar-2019 21:54:20
Announcement Sub Title
Cessation of Vice President - Operations and Commercial
Announcement Reference
Submitted By (Co./ Ind. Name)
Christopher Nghia Do
President and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of IEV Holdings Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce the cessation of Mr Justin Yong Joon Ming ("Mr Justin Yong") as Vice President - Operations and Commercial of the Company.

Kindly note that the Company's sponsor, SAC Capital Private Limited (the "Sponsor"), was not able to reach Mr Justin Yong to conduct an exit interview with him as at the date of this announcement.

It is further noted that the Company has not been able to obtain Mr Justin Yong's confirmation on the contents of this announcement to date and accordingly, the Company has prepared this announcement based on information available to the Company. Where necessary and should the Company be able to obtain Mr Justin Yong's confirmation on the contents of this announcement or the Sponsor being able to conduct the exit interview, the Company will release a follow up announcement if there is any subsequent material information.

This announcement has been prepared by the Company and its contents have been reviewed by the Sponsor, for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Ong Hwee Li, at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542, telephone (65) 6232 3210.

Additional Details

Name Of Person
Justin Yong Joon Ming
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Justin Yong had spearheaded the development of the Group's mobile natural gas sector ("MNGS") since its inception in 2005. However, subsequent to the Group's decision to exit from the sector following the sale of PT IEV Gas and after Mr Justin Yong had completed the handover of PT IEV Gas to its new owner, the Company had decided to offer Mr Justin Yong, who was mainly in charge of managing PT IEV Gas and the MNGS business, a mutual separation arrangement of which he had rejected. The Company had subsequently, on 21 December 2018, served Mr Justin Yong a Notice of Retrenchment and placed him on immediate garden leave. The Company then compensated him in lieu of his 3-month notice period on 26 December 2018.

The late lodgement of the cessation of Mr Justin Yong was due to an administrative oversight.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
If Yes, Please provide full details
On 2 January 2019, Mr Justin Yong had filed a wrongful dismissal claim with the Department of Industrial Relations. Subsequent to which, the Department of Industrial Relations had invited representatives from the Company and Mr Justin Yong to attend a reconciliation meeting which was held on 23 January 2019. A settlement was not achieved between the parties at the reconciliation meeting and the matter has been referred to the Minister of Human Resources of Malaysia, who has the discretion to decide whether or not to refer the matter to the Industrial Court.

The Company has submitted the necessary supporting documents to the Department of Industrial Relations and is currently waiting for the Minister of Human Resources on his decision.

At this juncture, the Company wishes to highlight that no formal legal claim from Mr Justin Yong has been received and the Company will provide updates to the shareholders on this matter where appropriate.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
If Yes, Please provide full details
Please refer to explanations above.
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Vice President - Operations and Commercial
Role and responsibilities
Responsible for the Group's operational, procurement, commercial and manufacturing activities. The Board does not expect any negative impact to the Group's operations as Mr Edward Chen, the Chief Financial Officer will be in charge of the commercial activities of the Group and operational roles will be assumed by Mr Christopher Nghia Do, the President and Chief Executive Officer.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)