Coolan Group (SGX:BMT) suspended its chief executive officer, Han Binke over a unapproved equity interest transaction in one of its subsidiaries, Beijing Xiefei Business Management, BJXF, according to a filing with the Singapore Exchange on Monday.
According to Calvin Wong Ka, a former deputy CEO, it was discovered that a 100% equity stake in the subsidiary was transferred to two external parties, Shanghai Qiancheng Sijin Enterprise Management and Harbin Qinggonglin Pump Industry (HQPI) without prior notice and approval from the board.
Moreover, the company's wholly owned subsidiary, FS Xiangshan also acquired a 25% stake in HQPI in a similar manner.
Therefore, it was decided to suspend Binke from all executive roles and invalidate all unapproved transactions.
Meanwhile, the company intends to pursue civil and criminal proceedings against Binke.
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