Change - Announcement of Cessation::CESSATION OF GROUP FINANCIAL CONTROLLER

Issuer & Securities

Issuer/ Manager
ORIENTAL GROUP LTD.
Securities
ORIENTAL GROUP LTD. - SG1Q39922105 - 5FI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-May-2016 19:42:16
Status
New
Announcement Sub Title
CESSATION OF GROUP FINANCIAL CONTROLLER
Announcement Reference
SG160517OTHR4L4U
Submitted By (Co./ Ind. Name)
TAN SWEE GEK
Designation
JOINT COMPANY SECRETARY
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

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

The contact person for the Sponsor is Mr Lance Tan, Director, Continuing Sponsorship, at 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088.

Additional Details

Name Of Person
LEE ONG
Age
42
Is effective date of cessation known?
Yes
If yes, please provide the date
16/05/2016
Detailed Reason (s) for cessation
The majority of the Board, who are non-executive directors, namely Chua Hung Meng, Tan Song Kwang, Koh Choon Kong, and Ong Wee Chuan are of the view that the incumbent Group Financial Controller's employment contract be terminated in accordance with the terms thereof.

The Sponsor notes that there is disagreement between Mr Lee Ong and the Board, particular in relation to the circumstances relating to Mr Lee Ong's termination. Based on its enquiries, the Sponsor is satisfied that, other than as disclosed in this announcement, there are no material reasons for the cessation of Mr Lee Ong as the Group Financial Controller of the Company.
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?
Yes
If Yes, Please provide full details
Mr Lee Ong disputes the Board decision to terminate his employment contract.
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?
Yes
If Yes, Please provide full details
Following Mr Lee Ong's cessation, Ms Chong Yong Von, the Company's existing Finance Manager, together with other members of the Company's finance department will takeover the duties and responsibilities of the Group Financial Controller in the interim period.
Date of Appointment to current position
16/07/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Financial Controller
Role and responsibilities
- Reporting to the Board of Directors and Chairman of the Group
- Responsible for the overall financial functions of the Group, including financial strategy, budgeting and management control, and financial management.
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?
Yes
Shareholding Details
Mr Lee Ong holds 3,450,000 shares in the Company in his own name and 7,392,500 shares in the Company via a nominee.
Past (for the last 5 years)
None
Present
OGL Steel (Philippines) Pte. Ltd.
OGL Steel (M) Sdn. Bhd.
The above subsidiaries are part of the Group and the Board will take steps to procure the cessation of Mr Lee Ong's directorships in such subsidiaries as he is no longer an employee of the Group.