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Darco Waters shareholders call for board to commence action against deputy chairman Wang Zhi

Atiqah Mokhtar
Atiqah Mokhtar3/17/2021 06:03 PM GMT+08  • 2 min read
Darco Waters shareholders call for board to commence action against deputy chairman Wang Zhi
A group of shareholders representing a 16.1% stake in the company is requesting for action against Wang Zhi.
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In a filing to SGX dated March 17, Darco Waters Technologies has disclosed that a group of shareholders representing 16.1% shareholding interest in the company has requested the board of directors to commence action against director and non-executive deputy chairman Wang Zhi as well as another undisclosed person.

The request follows allegations of wrongdoings pertaining to certain payments in relation to a consultancy agreement entered into by Darco Waters, Wang’s undertaking to procure the transfer of a water treatment asset, as well as the aborted acquisition of 75% of the total share capital of PT Panghegar Energy Indonesia in relation to a waste-to-energy project in West Java.

SEE:Darco Water inks MOU with CPG Vietnam for collaboration

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