Change - Announcement of Appointment::Appointment of Independent Non-Executive Director who is an Audit Committee Member

Issuer & Securities

Issuer/ Manager
CHINA ESSENCE GROUP LTD.
Securities
CHINA ESSENCE GROUP LTD. - KYG2111N1043 - G54
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
08-Dec-2015 17:48:36
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Director who is an Audit Committee Member
Announcement Reference
SG151208OTHRLKUA
Submitted By (Co./ Ind. Name)
Er Kwong Wah
Designation
Independent Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Appointment of Independent Non-Executive Director who is an Audit Committee Member

Additional Details

Date Of Appointment
08/12/2015
Name Of Person
Yip Mun Foong
Age
65
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The appointment of Mr. Yip was proposed by the Nominating Committee and approved by the Board after taking into consideration of Mr. Yip's qualifications and experiences.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of Audit Committee and Member of Remuneration and Nominating Committees
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
January 2010 - December 2012
SC Fulfil Consulting Pte Ltd - Independent Advisor
August 2006 - January 2009
HSH Nordbank AG - Independent Advisor
August 2006 - December 2008
Chancellor Holdings Pte. Ltd. - Group CEO
July 2004 - May 2006
Changi Airport Managers & Partners Pte. Ltd. (CHAMPS) - General Manager
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1. House of Royal Paan Pte Ltd (closed 3Q 2012)
2. Advance Modules Group Limited (liquidated 1Q 2012)
3. Zhengzhong Auto Components Ltd
Present
1. Auhua Clean Energy PLC
2. USP Group Limited
3. Linc Energy Ltd
4. Pyxis Capital Partners Pte Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
The then external auditors of the SGX-ST listed company, Advance Modules Group Limited ("AMG") had in May 2006, refused to give the accounts of AMG a clean opinion as certain sales contracted by the then CEO in late 2005 were, in the opinion of the external auditors, irregular and unsubstantiated, which later became the focal point of a forensic audit by KPMG leading to the ultimate collapse of AMG.

Mr Yip was appointed as a non-executive independent director in November 2007, to replace another independent director who resigned, to facilitate the then board of AMG in pursuing the necessary actions to recover from the CEO, the proceeds of the purported sales for the benefit of AMG.

Although full recovery was achieved, the external auditors refused to remove its qualified opinion of AMG's accounts for each of years 2005, 2006 and 2007, resulting in AMG's suspension from trading in July 2008.

AMG's subsequent proposal for the resumption of trading was rejected and an extension of time was not granted by the SGX-ST.

Accordingly, AMG was delisted in August 2009 and Mr Yip resigned from the board during the same period.

AMG proceeded with the creditors' voluntary liquidation in November 2009 in the absence of a reasonable exit alternative for its shareholders.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
Yes
If Yes, Please provide details of prior experience
1. Auhua Clean Energy PLC - Non-Executive Director
2. USP Group Limited - Lead Independent Director
3. Linc Energy Ltd - Independent Non-Executive Director