SINGAPORE (Mar 19): On the face of it, the market does not seem too perturbed by the boardroom turmoil that erupted this past week at Alliance Mineral Assets, the only notable lithium play listed on the Singapore Exchange. It might be because AMA had been mired in a long-running conflict among its key officials and shareholders, and the latest developments at the company might finally put an end to all the uncertainty. It could also be a reflection of optimism that AMA is on the cusp of a surge in revenue nearly four years after listing. But there are still plenty of risks ahead for investors.

On March 13, AMA said it had sacked its CEO, Tjandra Pramoko, as well as his wife, executive director Simone Suen. The terminations were effective March 1. According to AMA, the “majority” of AMA’s board have lost confidence in Pramoko, and “substantial shareholders and key business partners” no longer want to deal with AMA if Pramoko remains as CEO. The board also noted that Pramoko has “attracted a series of personal litigation” resulting from unfulfilled promises. “These have raised questions of integrity,” the company stated in a filing with SGX.

As the board now looks for Pramoko’s replacement, non-executive chairperson Pauline Gately has assumed the role of interim executive chairperson. Both Pramoko and Suen have reserved their right to challenge the board’s decision. Meanwhile, they have been put on gardening leave to sit out their six-month notice period.

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