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MC Payment's board tussle pits its chairman and CEO against Oxley's Ching

The Edge Singapore
The Edge Singapore 6/10/2021 10:12 PM GMT+08  • 4 min read
MC Payment's board tussle pits its chairman and CEO against Oxley's Ching
A hostile board tussle is brewing at MC Payment between its major shareholder on the one side and CEO and chairman on the other
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On June 10, Ching Chiat Kwong, better known as the major shareholder and executive chairman of Oxley Holdings, released a statement explaining his position on Catalist-listed MC Payment in which he holds a 27% stake. The statement - a copy of which has been sent to SGX RegCo - comes just two days after Ching found out that MC Payment’s board planned to make a sizeable purchase with new shares. (MC Payment was listed in February this year through an RTO of Artivision.)

Clearly, Ching has been unhappy about the way the current board has behaved towards him. In MC Payment’s AGM on April 28, Ching’s son Shawn Ching and Henry Ng were not re-elected as directors. On May 4, Ching requisitioned an EGM to nominate himself, Shawn Ching, Ng and two other directors to the board.

“On May 6, 2021, Mr Albert Cheok also welcomed me to the Board, and stated that from reading my credentials, I have “well established business acumen and business experience”. Yet, in the next breath – in an email that I believe was inadvertently sent to me by mistake – Mr Albert Cheok referred to me as a “cunning fox”, intimating that I was acting in a devious or underhanded manner,” Ching says in his statement.

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