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next quarter still some distance. after the announcement of LOD from fired CEO seeking S$2m over salary and alleged defamation.
he also demanded a signed apology to be publsihed on SGXnet and damages of S$200,000 among other things.
the reply by Fu Yu is interesting " it is obtaining legal advice it believes that the letteres and any potential legal proceedings ' will not affect' its continued business operations." huh
apa you cakap. Thought they will say is baseless and so forth
" used his position and office to gain advantages for himself' ... this kind of argument ... many organistaions need to fire there C-suite lei
he also demanded a signed apology to be publsihed on SGXnet and damages of S$200,000 among other things.
the reply by Fu Yu is interesting " it is obtaining legal advice it believes that the letteres and any potential legal proceedings ' will not affect' its continued business operations." huh
apa you cakap. Thought they will say is baseless and so forth
" used his position and office to gain advantages for himself' ... this kind of argument ... many organistaions need to fire there C-suite lei
LoL, hope next quarter results will get better
tongphlp ( Date: 11-Nov-2025 10:15) Posted:
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sunrise to sunset
TA_Expert ( Date: 10-Nov-2025 08:54) Posted:
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someone is supporting the counter and slowly move it out of sight so people will forget about the saga.
well, let see how it will pan out because it is not out of the wood. it is either they come out of the wood or remain in the wood ...
well, let see how it will pan out because it is not out of the wood. it is either they come out of the wood or remain in the wood ...
The hayday of the company is over.
Established in 1978, Fu Yu is Singapore' s oldest and one of Asia' s largest manufacturers of high-end precision plastic and metal components and products.
Established in 1978, Fu Yu is Singapore' s oldest and one of Asia' s largest manufacturers of high-end precision plastic and metal components and products.
sengkang ( Date: 09-Nov-2025 13:36) Posted:
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another has the same situation, but the board revealed the findings with the cessation of the C' suite and did a total revamp of their operations.
fu yu board chose to halt the investigation and fired the group ceo.
if they chose not to reveal, they are likely to have a out of court settlement. If a wound is not exposed and treated ... it might heal but will take a long time and we don' t if it will fester and have further side effect. it is very dangerous to hold on to it, lest talking about buying (it will be suicidal)
imho & dyodd
fu yu board chose to halt the investigation and fired the group ceo.
if they chose not to reveal, they are likely to have a out of court settlement. If a wound is not exposed and treated ... it might heal but will take a long time and we don' t if it will fester and have further side effect. it is very dangerous to hold on to it, lest talking about buying (it will be suicidal)
imho & dyodd
The company has to make a cotingency provision of $2.0m in the books in event the ex-ceo wins his case in court.
All the knives will be out and any more skeletons left in the closet will be exposed.
Remember trading this counter between 30~32c in July/Aug 2021 and had never looked back until now.
Hope a renewed competent leadership and responsible mgmt take place on a clean slate.
Good time to accumulate slowly when more blood appears on the street.
Not vested yet. Let' s see and dyodd as usual.
All the knives will be out and any more skeletons left in the closet will be exposed.
Remember trading this counter between 30~32c in July/Aug 2021 and had never looked back until now.
Hope a renewed competent leadership and responsible mgmt take place on a clean slate.
Good time to accumulate slowly when more blood appears on the street.
Not vested yet. Let' s see and dyodd as usual.
TA_Expert ( Date: 09-Nov-2025 04:19) Posted:
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The company used to be a daring in the past.
Due to mismanagement, it became a bankcrupt company. All the directors and employees have earned millions over the years at the expense of the shareholders. Well done.
Due to mismanagement, it became a bankcrupt company. All the directors and employees have earned millions over the years at the expense of the shareholders. Well done.
Below 10 cents next week?
my guru also said, " market decides the direction .... c' mon, the news is splashed acrossing all media." it will be a funny not to know ....
it could have been worse if they have not halted the investigation. it gave time for their kakis to let go of their positions. trace back q3 results out, it went to 0.114, the next day cessation of group ceo and news went out and the px came down to 0.103/4 and yesterday down to 0.1.
it may even precede David' s era .... nobody know. else why would David has the audacity to demand. no forumer can change the course. well, i have been thru before - denial when thing happened and continue to sit on a lame duck. got to let it go ... imho
dyodd
it could have been worse if they have not halted the investigation. it gave time for their kakis to let go of their positions. trace back q3 results out, it went to 0.114, the next day cessation of group ceo and news went out and the px came down to 0.103/4 and yesterday down to 0.1.
it may even precede David' s era .... nobody know. else why would David has the audacity to demand. no forumer can change the course. well, i have been thru before - denial when thing happened and continue to sit on a lame duck. got to let it go ... imho
dyodd
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Fu Yu receives letters of demand from fired CEO seeking S$2 million over salary and alleged defamation
The sum claimed by David Seow includes over S$1.8 million in salary and S$200,000 in damages
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now really pull you until pants dropped
It is always bad news when the roadside trader is always here looking for its monkey partner to share their bananas......but if can' t hold any longer (his words, not mine), bangla dogs also can....
All the bad news generated from the same man after he came to FUYU
treetops ( Date: 07-Nov-2025 14:11) Posted:
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i let go at lost too.
So many bad news one after another.
So many bad news one after another.
Stocky901 ( Date: 07-Nov-2025 13:30) Posted:
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My guru told me this:-
Scared - dont buy lah
If buy, don' t be scared.
Scared - dont buy lah
If buy, don' t be scared.
they knew what is on investor' s mind. no matter what they are not allowing it to drop below 10c
treetops ( Date: 07-Nov-2025 08:35) Posted:
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That' s what i thought ... concealment is never a settlement
Skeleton in the closet ... i won' t touch
imho
Skeleton in the closet ... i won' t touch
imho
Tob231 ( Date: 05-Nov-2025 13:48) Posted:
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Bad news.
Going to drop below 10 cents again...
Going to drop below 10 cents again...
Joelton ( Date: 07-Nov-2025 08:21) Posted:
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Fu Yu receives letters of demand from fired CEO seeking S$2 million over salary and alleged defamation
The sum claimed by David Seow includes over S$1.8 million in salary and S$200,000 in damages
[SINGAPORE] Fu Yu has received two letters of demand from fired chief executive officer (CEO) David Seow, claiming about S$2 million in total over alleged wrongful termination and defamation.
The mainboard-listed manufacturer of plastic and metal components and products said in a bourse filing on Thursday (Nov 6) that it had received a letter of demand dated Tuesday, in which Seow sought S$1,853,548.39 in salary.
Seow separately sent a letter of demand dated Wednesday to Fu Yu, its independent directors and corporate secretary, alleging defamation and demanding that a bourse filing on Nov 1 announcing his firing be retracted. Fu Yu added that Seow also demanded a signed apology to be published on SGXNet and damages of S$200,000, among other things.
Fu Yu said it is obtaining legal advice it believes that the letters and any potential legal proceedings &ldquo will not affect&rdquo its continued business operations.
It also set out the reasons for firing Seow, and said the 40-year-old &ldquo had breached his fiduciary duties owed&rdquo to the company, including his duty to &ldquo act bona fide in its best interests&rdquo . Instead, Fu Yu said, he had &ldquo (used) his position and office to gain advantages for himself&rdquo .
Fu Yu said Seow&rsquo s termination was the result of an investigation that was initiated after shareholders raised concerns at the company&rsquo s annual general meeting in June.
Shareholders had questioned the company&rsquo s financial performance and the remuneration granted to directors and key management personnel, which &ldquo appeared to be high in contrast to the low revenue of the company&rdquo .
The independent directors then initiated an internal audit and review, which led them to discover several matters to suggest &ldquo gross default and/or misconduct&rdquo on Seow&rsquo s part.
The independent directors subsequently engaged third-party professionals, including external legal counsel, who reviewed the matter.
Fu Yu said Seow was given opportunities on Oct 28 and Oct 29 to address the board&rsquo s concerns over the vesting of shares under a restricted share plan, the five year lock-in clause in his service agreement dated Dec 16, 2022, and a six-figure special bonus he had granted to two senior management executives in 2024, despite the company&rsquo s poor financial performance.
Letter of award
On the vesting of shares, Fu Yu pointed out that a letter of award dated Nov 14, 2022, granted Seow two categories of shares: Annex A and Annex B shares.
Under Annex A, Seow was awarded five million shares, as well as S$1,012,500 cash in lieu of another five million shares for his past contributions and performance.
The letter of award was issued by then chairman of the remuneration committee, Christopher Huang, and accepted by Seow.
Fu Yu noted that the shares were granted to Seow in addition to his basic salary and performance bonuses for 2022, 2023 and 2024.
Annex B shares were intended as an incentive to reward Seow with additional shares upon achieving targets for the group&rsquo s revenue and pre-tax profit.
There was an accelerated reward clause that stated that, irrespective of the group&rsquo s actual revenue in 2023, Seow would be rewarded with the shares for 2022 as well as the shares for 2023 in advance, if he met the revenue target of S$237 million for 2023 a year earlier, in 2022.
As Fu Yu&rsquo s revenue for 2022 was S$240 million &ndash higher than the target of S$215 million, the remuneration committee awarded Seow four million shares for achieving the vesting conditions for both 2022 and 2023. This was even though revenue for 2023 was only S$190.4 million &ndash below the 2023 vesting condition of S$237 million.
The independent directors noted that, as of early November 2022, Seow and the then board were provided with monthly financial reports. They were already aware of the group&rsquo s actual revenue for the year up to October 2022, as well as the group&rsquo s revenue forecast for November and December that year.
Also, there was no provision in the letter of award for Fu Yu to claw back shares in the event that the vesting conditions for the following year were not satisfied.
Seow&rsquo s explanation, Fu Yu said, was that the letter of award was duly reviewed and approved by the remuneration committee.
Addendum to service agreement
There was an addendum to Seow&rsquo s service agreement dated Dec 16, 2022, where the remuneration committee introduced a five-year lock-in clause entitling Seow to his salary for the remainder of the five-year period ending Dec 15, 2027, if he was fired before that.
Fu Yu said that Seow added the same clause to the employment agreements of two other senior management personnel without the company&rsquo s knowledge.
The independent directors noted that this &ldquo appeared to be in breach of the company&rsquo s obligation to disclose material information&rdquo .
Fu Yu said that Seow&rsquo s explanation, when asked about the clause in his and the two others&rsquo service agreements, was that it had been &ldquo duly reviewed and approved&rdquo by the remuneration committee.
&ldquo Special bonus&rdquo
Seow also awarded a &ldquo special bonus&rdquo to the same two senior management personnel in January 2024, said Fu Yu, with each bonus amounting to six figures. The company said no other personnel were given such a bonus, and noted its &ldquo poor financial performance&rdquo in 2023.
Fu Yu said Seow&rsquo s explanation to the board was that it is the company&rsquo s &ldquo established and consistent practice to set aside bonus provisions for the purposes of recognising and retaining key personnel&rdquo .
Having found his explanations &ldquo inadequate and/or unsatisfactory&rdquo , the board unanimously decided to show Seow the door.
The board added that Seow&rsquo s firing had nothing to do with the investigations into irregularities at its wholly owned supply chain unit Fu Yu Supply Chain.
if i' m holding it, i will exit while it is still riding high.
you don' t know what shit is going to come out of the closet.
concealed does not mean won' t reveal. maybe a piece at a time, so you have time to catch your breathe.
all at once, the heart might not be able to take it ... fainted lei
you don' t know what shit is going to come out of the closet.
concealed does not mean won' t reveal. maybe a piece at a time, so you have time to catch your breathe.
all at once, the heart might not be able to take it ... fainted lei