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Magnus Energy board hit by spate of resignations

The Edge Singapore
The Edge Singapore6/24/2020 11:24 PM GMT+08  • 3 min read
Magnus Energy board hit by spate of resignations
The same directors ousted the previous board just six months ago
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SINGAPORE (June 24): A group of individuals who joined hands to wrest control of Magnus Energy from its former board, has fallen apart in just half a year.

On June 24, the company announced that Anthony Kuek Eng Chye, citing “irreconcilable differences” with executive director and CEO Charles Madhavan, has resigned from his post as independent non-executive director.

The differences were over the entry of certain interested person transactions that took place during the Q3FY2020 ended March 31 2020, and a specific note in the financial statement was cited: “The Group has not obtained a general mandate from shareholders for IPTs. All IPTs during the 3Q2020 were below S$100,000.”

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