NutryFarm shareholders demand CEO’s immediate suspension, CFO to take over in interim
The latest demand follows several letters concerning CEO Niu Liming's position in the company.
Singapore - NutryFarm International shareholders have increased their calls for CEO Niu Liming's immediate removal and the appointment of the CFO as interim CEO. The group, acting on behalf of the shareholders, filed an urgent notice seeking a special general meeting. They demanded that Niu be suspended as CEO and executive director, with the CFO taking temporary charge of the company.
The CFO, identified as Derek Ong Chee Beng, 60, was named group financial controller on June 8. NutryFarm is currently reviewing the notice and seeking legal counsel. No details were provided on the reasons for the suspension or any management changes. This demand follows several letters to NutryFarm, in which shareholders demanded Niu's removal from the board and his various executive positions, including the election of shareholder Charlie In as a director and as the CEO.
On the same day as the initial demand, shareholders objected to Niu's proxy voting rights, alleging conflicts of interest stemming from his ownership in NutryFarm through Jia Lijie and Cheng Meng. Niu initially became executive director and CEO of NutryFarm in December 2022, following the High Court's discharge of the company from judicial management in February 2023. However, NutryFarm's shares have been suspended since April 11, 2022.
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