Wednesday, 25 February 2009
FibreChem Technologies Announcement
The Board of Directors (“Board”) of FibreChem Technologies Limited (“the Company”) wishes to announce that certain difficulties have been encountered by the Company and its auditors, in respect of the finalization of the audit of the Group’s trade receivables and cash balances as at 31 December 2008.
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The Board of Directors (“Board”) of FibreChem Technologies Limited (“the Company”) wishes to announce that certain difficulties have been encountered by the Company and its auditors, in respect of the finalization of the audit of the Group’s trade receivables and cash balances as at 31 December 2008. In addition, Mr James Zhang has offered to resign from his positions as Executive Chairman of the Board and Chief Executive Officer (“CEO”) with immediate effect and has also offered to cooperate fully with the Board.
The Board has resolved to appoint Mr Xu Xu Hui, Executive Vice Chairman as the acting CEO of the Company. Mr Xu has been with the Group since April 1995 and is responsible for assisting the Executive Chairman and CEO in overall strategic planning, administration and public relations functions. He also oversees all production activities of the Group.
The Company takes a serious view of these recent developments. In view of this, the Board has resolved to appoint nTan Corporate Advisory Pte Ltd as its independent investigator and financial advisor to carry out a thorough and comprehensive investigation into the transactions in question and to advise on the appropriate measures to be adopted by the Group to safeguard its assets, continue its operations smoothly and enhance values to all its stakeholders.
In view of these pertinent major developments, the Board has also resolved to form an Independent Working Committee comprising the following non executive directors to oversee the investigation and business continuity:
• Mr Ong Tiong Seng
• Dr Chong Weng Chiew
• Mr Lim Chin Tong
• Ms Tan Sin Mui
Trading in the shares of the Company will be suspended till further notice.
The Company has taken some time to properly verify certain facts relevant to this issue and, for that reason, this announcement is being made at this time. The Company shall continue to make further announcements as and when appropriate on a timely basis.
Further information can be obtained from Mr Nicky Tan of nTan Corporate Advisory Pte Ltd at 6327 8868.
By Order of the Board
Lynn Wan Tiew Leng
Company Secretary
25 February 2009
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