Change - Announcement of Appointment::APPOINTMENT OF MR MICHAEL CHIN SEK PENG AS INDEPENDENT NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
MYP LTD.
Securities
MYP LTD. - SG1S80928447 - F86
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
30-Jul-2024 19:35:44
Status
New
Announcement Sub Title
APPOINTMENT OF MR MICHAEL CHIN SEK PENG AS INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG240730OTHR7OPS
Submitted By (Co./ Ind. Name)
JONATHAN TAHIR
Designation
EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Description (Please provide a detailed description of the event in the box below)
APPOINTMENT OF MR MICHAEL CHIN SEK PENG AS INDEPENDENT NON-EXECUTIVE DIRECTOR

Additional Details

Date Of Appointment
30/07/2024
Name Of Person
MICHAEL CHIN SEK PENG
Age
68
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
The Board of Directors of the Company, having considered among others, the recommendation of the Nominating Committee and the qualifications, work experience and competencies of Mr Michael Chin Sek Peng, is of the view that he is suitable for appointment as an Independent Non-Executive Director, the Chairman of the Audit Committee and a member of the Remuneration Committee of the Company. The appointment of Mr Michael Chin Sek Peng as a Director of the Company has been approved by the Company's Shareholders at the Annual General Meeting held on 30 July 2024.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
- Independent Non-Executive Director
- Chairman of the Audit Committee
- Member of the Remuneration Committee
Professional qualifications
- Fellow Member of the Institute of Singapore Chartered Accountants
- Fellow Member of the Institute of Chartered Accountants in England and Wales
- Business and Finance Professional
- Ordinary member of the Singapore Institute of Directors
- Bachelor of Arts (Honours) Degree in Accounting and Finance, Lancaster University, United Kingdom
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
2021 to 2023, Executive Chairman of PKF entities in Singapore
2017 to 2020, Managing Partner of PKF entities in Singapore
2002 to 2023, Co-founder and Director of PKF-CAP Advisory Partners Pte. Ltd and Partner of PKF-CAP LLP
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
- TEE International Ltd
- Amcorp Global Ltd
- Sitra Holdings (International)
Ltd
- PKF-CAP Advisory Partners
Pte. Ltd.
- PKF-CAP Risk Consulting
Pte. Ltd.
- PKF-HT Khoo PAC
- PKF-ACPA Management
Consultants Pte. Ltd.
- PKF-Khoo Management
Services Pte. Ltd.
- PKF-CAP Tax Solutions Pte.
Ltd.
- Singapore Women's &
Children's Medical Group Ltd
- Sunpower Group Ltd
- Cortina Holdings Ltd
Present
- Accrelist Ltd
- C&L Business Advisors Pte
Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
Yes
If Yes, Please provide full details
In October 2019, Mr Michael Chin Sek Peng and his partner were appointed joint receivers ("Receivers") by their client ("Lender") over the charged assets of the Borrowers in relation to a loan made to the Borrowers in 2016. In the loan agreement, the Lender is entitled to additional interest on the loan and the interest is calculated based on the valuation of certain properties owned by the Borrowers. The Borrowers disputed on this additional interest claimed by the Lender and in January 2020, the Borrowers took up a lawsuit against the Lender on grounds that the loan agreement is not valid. Additionally, the Borrowers also took legal action against Mr Chin Sek Peng and his partner as joint receivers by challenging the validity of their appointment as receivers under the security documents. At the pre-trial conference in April 2020, parties agreed to pursue mediation in an attempt to settle the dispute. The mediation was held in June 2020 but was not successful. The case proceeded to trial and in December 2021 the judgement came out in favour of the Receivers with all the allegations made by the plaintiffs being dismissed.
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
Mr Michael Chin Sek Peng is currently a director of Accrelist Ltd.