Xingquan woes mount as last independent director quits

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.