Change - Announcement of Cessation::Announcement of Cessation of Senior Finance Manager

Issuer & Securities

Issuer/ Manager
CHINA FIBRETECH LTD.
Securities
CHINA FIBRETECH LTD. - BMG215452001 - AXL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-Jun-2017 23:54:47
Status
New
Announcement Sub Title
Announcement of Cessation of Senior Finance Manager
Announcement Reference
SG170608OTHRY126
Submitted By (Co./ Ind. Name)
Wu Xinhua
Designation
Executive Chairman & CEO
Effective Date and Time of the event
08/06/2017 23:59:00
Description (Please provide a detailed description of the event in the box below)
Cessation of Senior Finance Manager of China Fibretech Ltd.

Additional Details

Name Of Person
Mak Chi Shing
Age
34
Is effective date of cessation known?
Yes
If yes, please provide the date
08/06/2017
Detailed Reason (s) for cessation
Zhang Dufang, Finance manager of Shishi Simwa Knitting & Dyeing Co., Ltd, a wholly owned subsidiary of China Fibretech Ltd.(The "Company"), informed Mr. Mak Chi Shing ("Mr.Mak") in the beginning of May 2017 that the Company will stop paying his salary from 1 May 2017 onwards without notice in advance and any reasons.

The overdue April 2017 salary of Mr.Mak has not been paid to date.
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
The compensation claim payment, as announced on 29 September 2017, was approved by the executive chairman & CEO ,Mr.Wu Xinhua, and the non-executive and non-
independent director, Mr.Wu Dezhi in order to avoid further compensation and was done without the knowledge of Mr.Mak Chi Shing and without the knowledge or approval of Mr. Low Wai Cheong.
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
04/04/2014
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Senior Finance Manager
Role and responsibilities
Oversee the overall finance and accounting matters of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Nil
Present
ITA Food Pte. Ltd.