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Saturday, 7 March 2009
TTL sues ex-CEO for $423k
TTL Holdings is suing its former chief executive officer and director, Ho Kang Peng. The plastics components maker filed a writ of summons with the High Court of Singapore against Mr. Ho on Thursday.
TTL Holdings is suing its former chief executive officer and director, Ho Kang Peng. The plastics components maker filed a writ of summons with the High Court of Singapore against Mr. Ho on Thursday.
It is suing him for breaches of fiduciary duty and duty of fidelity, and seeking damages of some $423,000 as well as other damages to be assessed.
Mr. Ho was the company’s chief executive officer and executive director from November 2005.
In November 2007, he assumed the title of executive chairman as well. In March last year, Mr. Ho relinquished all three positions but stayed on as a non-executive director until October 2008 when he left the group.
TTL declined to comment on the case when contacted. It is being represented by Drew & Napier in the proceedings.
In January, its subsidiaries in China were mired in litigation proceedings of their own.
The units, TTL Precision Engineering (Dongguan) Co Ltd and TTL Technology (Dongguan) Co Ltd, had been sued by their supplier for a 754,000 yuan (S$170,000) outstanding payment and a 326,000 yuan late payment penalty.
That case has since been resolved, with TTL announcing in late February that ‘all parties amicably reached an agreement for an out-of-court settlement’.
The group also stated that the settlement would not have any material impact on financial results.
In early February, TTL posted a $1 million net loss for the first half of FY2009 ended Dec 31, 2008, against a net profit of $53,000 for the same period a year earlier.
In a profit warning that it had issued earlier, it attributed the net losses to slowing demand and cancellation of customer sales orders.
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TTL sues ex-CEO for $423k
By JOYCE HOOI
TTL Holdings is suing its former chief executive officer and director, Ho Kang Peng. The plastics components maker filed a writ of summons with the High Court of Singapore against Mr. Ho on Thursday.
It is suing him for breaches of fiduciary duty and duty of fidelity, and seeking damages of some $423,000 as well as other damages to be assessed.
Mr. Ho was the company’s chief executive officer and executive director from November 2005.
In November 2007, he assumed the title of executive chairman as well. In March last year, Mr. Ho relinquished all three positions but stayed on as a non-executive director until October 2008 when he left the group.
TTL declined to comment on the case when contacted. It is being represented by Drew & Napier in the proceedings.
In January, its subsidiaries in China were mired in litigation proceedings of their own.
The units, TTL Precision Engineering (Dongguan) Co Ltd and TTL Technology (Dongguan) Co Ltd, had been sued by their supplier for a 754,000 yuan (S$170,000) outstanding payment and a 326,000 yuan late payment penalty.
That case has since been resolved, with TTL announcing in late February that ‘all parties amicably reached an agreement for an out-of-court settlement’.
The group also stated that the settlement would not have any material impact on financial results.
In early February, TTL posted a $1 million net loss for the first half of FY2009 ended Dec 31, 2008, against a net profit of $53,000 for the same period a year earlier.
In a profit warning that it had issued earlier, it attributed the net losses to slowing demand and cancellation of customer sales orders.
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