Change - Announcement of Cessation::CESSATION AS CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER

Issuer & Securities

Issuer/ Manager
OCEANUS GROUP LIMITED
Securities
OCEANUS GROUP LIMITED - SG1M80907371 - 579
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Mar-2015 18:49:58
Status
New
Announcement Sub Title
CESSATION AS CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER
Announcement Reference
SG150302OTHRO4K8
Submitted By (Co./ Ind. Name)
NG CHER YEW
Designation
EXECUTIVE CHAIRMAN
Description (Please provide a detailed description of the event in the box below)
CESSATION AS CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER

Additional Details

Name Of Person
Wong Yew Ban
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
02/03/2015
Detailed Reason (s) for cessation
The Audit Committee of the Company had commissioned a report on certain investigations conducted on alleged fraud and irregularities in the Company's operations in the People's Republic of China (the "Report").

Having reviewed the Report, it has come to the attention of the Company that Wong Yew Ban has acted negligently in the course of his employment with the Company in failing to properly supervise and control the Company's operations and local management in the People's Republic of China.

Consequently, the Company has terminated Wong Yew Ban's employment with the Company and has taken steps to remove him from his respective posts within the Company and the Oceanus Group, including his positions as Chief Financial Officer and Chief Operating Officer 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 Wong Yew Ban was removed from his designations as Chief Financial Officer and Chief Operating Officer.
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
29/08/2013
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)
2
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 and Chief Operating Officer
Role and responsibilities
Mr Wong Yew Ban was responsible for the Group's operations, financial management and internal control.
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)
Oceanus Aquaculture Group Pte. Ltd.
Oceanus Food Group Pte. Ltd.
Oceanus (Singapore) Restaurant Management Pte. Ltd.
Present
None