Change - Announcement of Cessation::Resignation of Executive Director and Chief Executive Officer
Issuer & Securities
ASIA FASHION HOLDINGS LIMITED
ASIA FASHION HOLDINGS LIMITED - BMG0539Q1134 - GH3
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Resignation of Executive Director and Chief Executive Officer
Submitted By (Co./ Ind. Name)
Neo Chee Beng
Description (Please provide a detailed description of the event in the box below)
Resignation of Executive Director and Chief Executive Officer.
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Lin Daoqin ("Mr. Lin") notes that the Company was subject to large amounts of compensation claims in FY2013 for the supply of defective products. PricewaterhouseCoopers LLP, who was appointed by the Company to review the cash and bank balances of the Company's key subsidiaries, had also highlighted various issues of concern in its report issued on 7 May 2014. Mr. Lin wishes to resign as Director and Chief Executive Officer to take responsibility for the various issues faced by the Company and its subsidiaries.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
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.)
Executive Director and Chief Executive Officer
Role and responsibilities
Executive. Responsible for the day to day operations, marketing, public relations, as well as formulating and implementing business strategies and development plans.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr. Lin is the husband of Ms. Lin Xiujin ("Ms. Lin"), a substantial shareholder of the Company
Shareholding interest in the listed issuer and its subsidiaries?
14,400,000 ordinary shares
Mr. Lin is deemed interested in 244,409,913 ordinary shares in the Company held by Qian Feng Group, a Company which is owned by Mr. Lin.
Mr. Lin is deemed interested in 14,400,000 ordinary shares held by his spouse, Ms Lin Xiujin.
Past (for the last 5 years)