REPL::Change - Announcement of Appointment::Appointment of Executive Director and CEO

Issuer & Securities

Issuer/ Manager
USP GROUP LIMITED
Securities
USP GROUP LIMITED - SG1CH0000007 - BRS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
17-Sep-2019 12:28:27
Status
Replacement
Announcement Sub Title
Appointment of Executive Director and CEO
Announcement Reference
SG190916OTHRC8L3
Submitted By (Co./ Ind. Name)
Nah Ee Ling
Designation
Director
Description (Please provide a detailed description of the event in the box below)
Regarding the announcement released on 16 September 2019, the Board wishes to clarify that the appointment of Dr Lim Boh Soon as Chief Executive Officer will be effective from 16 September 2019 and his position as Executive Director will be effective from 1 October 2019.

Additional Details

Date Of Appointment
16/09/2019
Name Of Person
Lim Boh Soon
Age
63
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Nominating and Remuneration Committee has reviewed the qualifications and experience of Dr Lim Boh Soon and has recommended to the Board of Directors his appointment as the Executive Director and CEO of USP Group.

The Board of Directors having reviewed and considered Dr Lim's qualifications and experience, has approved his appointment as the CEO and Executive Director of USP Group on the respective dates.
Whether appointment is executive, and if so, the area of responsibility
The appointment is executive and is responsible for the overall performance and direction of USP Group.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
CEO with effect from 16 September 2019; and CEO and Executive Director with effect from 1 October 2019.
Professional qualifications
Fellow member of The Singapore Institute of Directors
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
No
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
January 2001 - Present
Founder Owner & Managing Director, Arise Asset Management Pte Ltd

May 2016 - Present
Venture Partner, TPT Corporation

December 2007 - February 2010
Chief Executive Officer, Kuwait Finance House (Singapore) Pte Ltd
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
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)
Across Asia Limited
AP Fund Management Pte Ltd
Nationwide Petroleum Pte Ltd
Peak Power Asia Pte Ltd
Hup Soon Leong Holdings Pte Ltd
SMTrack Berhad
Auric Pacific Group Limited
Qrinion Pte Ltd
Isoquant Sdn Bhd
CSE Global Limited
Present
EpicQuant Capital Management Pte Ltd
ASRI Asset Management Pte Ltd
Tomi Environmental Solutions Inc
TPT Corporation
Arise Asset Management Pte Ltd
Jumbo Group Limited
OUE Commercial REIT Management 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
Dr Lim was a director of Across Asia Limited, and bankruptcy proceedings in Indonesia were commenced against Across Asia Limited in 2013.
(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
Yes
If Yes, Please provide full details
Dr Lim was a director of Across Asia Limited, which was investigated by the Securities and Futures Commission of Hong Kong ("SFC") for breaching certain disclosure obligations of the Securities and Futures Ordinance.
(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?
Yes
If Yes, Please provide full details
Dr Lim was one of the persons under investigation along with Across Asia Limited and the other three directors, in relation to the SFC's investigation of Across Asia Limited for breaching the Securities and Futures Ordinance. However, upon completion of its investigation, when SFC commenced its proceedings, Dr Lim was not named as a specified person. Therefore, Dr Lim was not a party to such proceedings and no findings were made against him. The SFC did not take disciplinary action against him whatsoever nor was he warned or reprimanded.
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
Dr Lim was the independent non-executive director of Auric Pacific Group Limited from February 2006 to February 2016 and CSE Global Limited from January 1999 to April 2017.

He is currently the independent non-executive director of OUE Commercial REIT, Jumbo Group Limited and Tomi Environmental Solutions Inc

Attachments

Clarification.pdf
Total size =170K

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16/09/2019 19:45:05