Change - Announcement of Cessation::CESSATION OF NON-EXECUTIVE DIRECTOR

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
29-Jul-2016 19:02:24
Status
New
Announcement Sub Title
CESSATION OF NON-EXECUTIVE DIRECTOR
Announcement Reference
SG160729OTHRYIMJ
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)
Mr Lee Wan Sing was appointed a director of the Company on 29 November 2010. Mr Lee Wan Sing was re-designated as a non-executive director on 11 May 2016 following his cessation as an employee.

The number of Cessations of appointments specified in Rule 704(6) of the Listing Manual over the past 12 months includes Mr Lee Wan Sing's cessation as Chief Executive Officer of the Company on 11 May 2016.

As announced on 19 January 2016, 15 March 2016 and 13 June 2016, the board of directors note that, the Company discovered certain irregularities in transactions made by the Company during Mr Lee Wan Sing's tenure as Chief Executive Officer and which may have a major impact on the financials of the Company and its subsidiaries. The Company has since engaged a special auditor to carry out a review into the irregularities. As such, pending the results of the special audit, the board of directors of the Company reserves the right to take the appropriate legal action against Mr Lee Wan Sing to safeguard the interests of the Company.

This announcement has been prepared by Oriental Group Ltd. (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 WAN SING
Age
40
Is effective date of cessation known?
Yes
If yes, please provide the date
26/07/2016
Detailed Reason (s) for cessation
To pursue personal interest.

Based on the Sponsor's enquiries of Mr Lee Wan Sing, no other reason for cessation had been provided by him, other than as disclosed above.

The Sponsor notes that the Company had on 13 June 2016 announced the discovery of possible irregularities within the Group's Singapore operations, some of which may have occurred during the period when Mr Lee Wan Sing was the Chief Executive Officer of the Group. As announced previously, a special auditor has been appointed by the Company to carry out a review into those irregularities, and such review is still on-going.
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
29/11/2010
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Director
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
None.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
5,000,000 Ordinary Shares (Direct)
21,848,653 Ordinary Shares (Deemed)
Past (for the last 5 years)
Director - OGL Energy Pte. Ltd.
Director - Patek Group Ltd.
Director - Patek Capital (Holdings) Pte. Ltd.
Director - Patek Capital (M) Sdn Bhd
Director - Patek Capital (HK) Limited
Director - OGL Steel (M) Sdn. Bhd.
Present
Director - Wan Dormitory Pte. Ltd.
Director - Oriental Investment Group Pte. Ltd.
Director - OGL Steel (Philippines) Pte. Ltd.
Director - Jiangyin Chengsheng Machinery Manufacturing Co., Ltd.

The above subsidiaries are part of the Group and the Company will make arrangements for the resignation of Mr Lee Wan Sing from these subsidiaries.