The Sun (Malaysia)

Xingquan woes mount as last independen­t director quits

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PETALING JAYA: The woes plaguing loss-making China-based Xingquan Internatio­nal Sports Holdings Ltd don’t look to be abating anytime soon, with departure of its last independen­t and non-executive director.

At a time when the company is desperatel­y sourcing for independen­t directors and a CFO, Xingquan told Bursa Malaysia yesterday that independen­t director Zhou Liyi was leaving the board.

Zhou cited his inability to perform his duties and responsibi­lities following the expiry of the CFO’s employment contract in early May 2017, the resignatio­n of the audit committee’s chairman at the end of May 2017, the recent resignatio­n of other independen­t directors and the lack of suitable candidates to fill the vacancies since.

Last week, Xingquan announced the resignatio­n of independen­t and non- executive Datuk Ramly Zahari, citing time commitment issues.

Trading in Xingquan shares has been suspended since June 8 after it failed to submit the third quarterly report for the financial period ended March 31, 2017 to Bursa Malaysia. It had said this was due to the expiry of the CFO’s contract and the sudden departure of independen­t director Tan Eng Choon, who was also the chairman of the audit committee.

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