All three of Fu Yu Corp's independent directors, including chairman Christopher Huang, have resigned with effect from June 11, leaving executive director and CEO David Seow alone in the board, according to the company on June 15.
Since Jan this year, one Victor Lim, who is the company's single largest shareholder with a stake of nearly 30%, has made at least three attempts to call for an EGM to remove Huang and another ID Royston Tan.
Lim, who happens to be employed by Fu Yu as its director of strategy, is unhappy with the company's deteriorating performance over the last couple of years.
Lim did not indicate his wish to remove the third ID Daniel Poh.
According to Fu Yu, the reason why Huang and Tan quit is because it is "untenable" for them to stay on due to persistent attempts to remove them even though they do not hold executive roles in the company.
The most recent was an application made on March 28 to the High Court to order Fu Yu to hold an EGM within 30 days. The application was served on Fu Yu on April 1 and Fu Yu said on April 4 update announcement that it is taking legal advice.
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There are also differences over the ongoing probe of a subsidiary unit Fu Yu Supply Chain Solutions. This was also the reason cited by the third ID Poh.
Fu Yu shares closed at 9.6 cents, down 1.03% for the day and down 26.15% year to date.
