Shareholders, Sias raise concerns over Chemical Industries’ C-suite resignations, alleged ‘post-retirement perks’

SHAREHOLDERS of Chemical Industries (Far East) (CI) have raised concerns over issues including a spate of senior management resignations, and money spent on alleged “post-retirement perks” awarded to co-founder and emeritus chairman Lim Soo Peng.

The group of its minority shareholders, who claim to own at least 10 per cent of the shares of the mainboard-listed company, also took issue with the nomination of non-management independent director Lim Yew Nghee – the son of Lim Soo Peng – as deputy chairman.

The Business Times understands that the group of shareholders includes Malaysian chemical manufacturing company Batu Kawan, which holds a 6.55 per cent stake in CI.