Change - Announcement of Cessation::Cessation of Independent Director who is an Audit Committee Chairman

Issuer & Securities

Issuer/ Manager
CHINA FIBRETECH LTD.
Securities
CHINA FIBRETECH LTD. - BMG215452001 - AXL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
27-Jan-2016 19:15:44
Status
New
Announcement Sub Title
Cessation of Independent Director who is an Audit Committee Chairman
Announcement Reference
SG160127OTHRRXVP
Submitted By (Co./ Ind. Name)
Wu Xinhua
Designation
Executive Chairman & CEO
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Lim Yoke Hean as an Independent Director who is an Audit Committee chairman.

Additional Details

Name Of Person
Lim Yoke Hean
Age
62
Is effective date of cessation known?
Yes
If yes, please provide the date
27/01/2016
Detailed Reason (s) for cessation
A. Differences with Management over how Audit Committee ("AC") operates:

Management took issue with and objection to me, AC chairman, for (a) having an AC conference call with the Company's external auditors on 26 January 2016 ("Auditors Call"), without prior consultation and discussion with Management and (b) excluding the Company's senior finance manager from the Auditors Call.

(Note: Management was notified of the Auditors Call and a conference call with Management was scheduled for immediately after the Auditors Call.)

B. Concern over outstanding director fee and air-ticket reimbursement since 2Q 2015.
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?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
30/07/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Audit Committee Chairman, Member of Nominating Committee and Member of Remuneration Committee Member.
Role and responsibilities
Non-executive
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Pheim Asset Management (Asia) Pte Ltd
Present
World Precision Machinery Ltd
ALJO Consults (S) Pte Ltd