Change - Announcement of Cessation::Cessation of Chief Financial Officer - Mr Carlson Clark Smith

Issuer & Securities

Issuer/ Manager
IPCO INTERNATIONAL LIMITED
Securities
IPCO INT'L LIMITED - SG1C67001091 - I11
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Mar-2018 22:21:25
Status
New
Announcement Sub Title
Cessation of Chief Financial Officer - Mr Carlson Clark Smith
Announcement Reference
SG180301OTHRXRL3
Submitted By (Co./ Ind. Name)
Joseph Chen
Designation
Director
Effective Date and Time of the event
01/03/2018 17:00:00
Description (Please provide a detailed description of the event in the box below)
Cessation of Chief Financial Officer - Mr Carlson Clark Smith

Additional Details

Name Of Person
Carlson Clark Smith
Age
63
Is effective date of cessation known?
Yes
If yes, please provide the date
27/02/2018
Detailed Reason (s) for cessation
The Board of Directors (the "Board") of Ipco International Limited (the "Company") hereby announces the dismissal of Mr Carlson Clark Smith as Chief Financial Officer with effect from 27 February 2018.

Following an Extraordinary General Meeting held on 19 January, the Board undertook an investigation and decided to dismiss Mr Smith due to the following misconduct:

1) Mr Carlson Clark Smith being continued physically absent from the Company's office without seeking prior approval from current Board and not conducted on-site visits of the Company's subsidiaries in China and the US where he was the key officer for the past 4 years;

2) Mr Carlson Clark Smith as a Board Member failed to inform the Shareholders of the Company that his passport had been impounded by the Singapore Commercial Affairs Department since 2014. This affected Mr Smith's ability to discharge his duties as Executive Director and CFO for the Company's overseas operations especially as Sole Manager of the USA subsidiary Capri Investments LLC;

3) Mr Smith's unilateral decision to surrender Capri's right to future land development without consultation and consent of the Board of Directors.
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
08/05/2002
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Financial Officer
Role and responsibilities
Chief Financial Officer
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
1) INDUSTRIAL ENGINEERING SYSTEMS PTE LTD
2) SUN SPIRIT GROUP LIMITED
3) ASIA PLAN LIMITED
Present
1) IPCO CONSTRUCTORS PTE LTD
2) FRIENDSHIP BRIDGE HOLDING COMPANY PTE LTD
3) NUEVIZ INVESTMENT PRIVATE LIMITED
4) IPCO SDN BHD
5) IPCO CONSTRUCTORS SDN BHD
6) IPCO POWER TECHNOLOGY SDN BHD
7) IPCO INTERNATIONAL CONSTRUCTION LIMITED
8) MILLGATE ASIA LIMITED
9) GULF ASIA HOLDINGS LIMITED
10) IPCO CONTRACTORS S.A.
11) IPCO CHINA GAS PIPELINES LIMITED
12) EXCELLENT EMPIRE LIMITED
13) GRAND PROSPER GROUP LIMITED
14) CHINA ENVIRONMENTAL ENERGY PROTECTION INVESTMENT LIMITED
15) ESA ELECTRONICS PTE LTD
16) ESA ASSEMBLY PTE LTD
17) SINO GAS HOLDINGS PTE. LIMITED