NutryFarm shareholders demand CEO suspension
Shareholders of NutryFarm International are demanding the immediate suspension of CEO Niu Liming and the appointment of the CFO as interim CEO, following an earlier request to remove Niu from the board. The company is reviewing these demands and seeking legal advice amidst its shares remaining suspended from trading.
Why it matters
This internal corporate dispute highlights governance issues and potential instability within a publicly traded company, impacting investor confidence and the company's future operations.
The High Court discharged NutryFarm from judicial management on Feb 2, but its shares have remained suspended on the SGX since April 11, 2022.
Listen Summarise Shareholders want NutryFarm CEO Niu Liming suspended at once and the CFO made interim CEO, after new demands linked to a special general meeting. On Oct 9, shareholders holding at least 10% of paid-up capital asked to remove Niu from the board and all group roles, and to consider Charlie In as CEO. NutryFarm is reviewing the allegations and seeking legal advice. The row comes as the company stays suspended from trading, despite leaving judicial management in February. AI generated
SINGAPORE – Shareholders seeking to oust NutryFarm International chief executive Niu Liming have stepped up their demands, calling for his immediate suspension and the appointment of the company’s chief financial officer as interim CEO.
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