CapAllianz (SGX:594) said Yu Jinfeng has ceased to be the chairman and an independent non-executive director of the company, effective Feb. 20, according to a same-day filing with the Singapore Exchange.
The resignation follows a court hearing where it was declared that the ordinary resolution of the 2024 annual general meeting of the company, where Yu Jinfeng was re-elected as director of the company, was invalid.
Shares of the company plunged 50% in recent trading.
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