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SINGAPORE: Mainboard-listed Fu Yu Corp has terminated group chief executive officer (CEO) David Seow for gross default and misconduct, the mainboard-listed precision manufacturer announces.
His termination was effective Oct 31 as he ceased to be a director of the company and all its subsidiaries and related entities.
The board confirmed there are no other matters concerning Seow' s cessation that need to be brought to shareholders' attention at this juncture.
The 40-year-old, who held a nine million share interest in Fu Yu, had been group CEO since January 2021.
just take a look at Singpost .... almost a year, still languishing
really not sure .... it has been like that for so long
not so easy to fix over night ... will see
not so easy to fix over night ... will see
Fu Yu start from today with new chapter no more fool you with new managment
Inching up well with right decision that is how business can progress further
Everyday ( Date: 03-Nov-2025 10:30) Posted:
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Signs of recovery....
Fu Yu terminates group CEO David Seow for &lsquo gross default and misconduct&rsquo
An interim committee has been set up to oversee all operational matters pending successor search
[SINGAPORE] Mainboard-listed Fu Yu Corp has terminated group chief executive officer David Seow for gross default and misconduct, the mainboard-listed precision manufacturer announced on Saturday (Nov 1).
His termination was effective Oct 31. He will also cease to be a director of the company and all it subsidiaries and related entities.
The board confirmed there are no other matters concerning Seow&rsquo s cessation that need to be brought to shareholders&rsquo attention at this juncture.
The 40-year-old, who held a nine million share interest in Fu Yu, has been group CEO since January 2021.
Shareholder concerns
Seow&rsquo s termination comes on the back of an investigation that was initiated after shareholders raised concerns at the company&rsquo s annual general meeting in June.
Shareholders questioned the company&rsquo s financial performance and the renumeration granted to directors and key management personnel, which &ldquo appeared to be high in contrast to the low revenue of the company&rdquo said Fu Yu in its announcement.
The independent directors then commenced an internal audit and review, in response to the queries. During the process, they discovered several matters suggesting misconduct on Seow&rsquo s part.
The independent directors subsequently engaged third-party professionals, including external legal counsel, who reviewed the matter. The board said Seow&rsquo s termination was &ldquo a carefully considered decision based on established facts and supported by legal advice&rdquo .
Fu Yu said ongoing investigations prevented it from disclosing further details, but it will reveal more at the appropriate time.
Fu Yu closes investigations into supply chain unit, sees &lsquo no merit&rsquo in taking action against those involved
The company has established an operating committee to oversee all operational matters during the search for a permanent replacement for executive director and group CEO.
The committee comprises the general managers of each of the company&rsquo s manufacturing facilities in Penang and Johor in Malaysia Suzhou, Dongguan and Zhuhai in China and Singapore.
The committee will report to Gevin Bai, general manager of the Suzhou facility, who has been appointed to a new role as group general manager. Bai will provide increased guidance and exercise greater oversight over the senior management leadership team.
&ldquo The board is confident that the robust leadership procedures will ensure stable management and uninterrupted operations of the company during this transition,&rdquo Fu Yu said in the bourse filing.
Supply chain probe
Fu Yu was embroiled in controversy surrounding Fu Yu Supply Chain Solutions (FYSCS), which faced scrutiny over significant weaknesses in risk management processes.
In October 2024, Fu Yu appointed law firm Damodara Ong to investigate the affairs of FYSCS after an internal audit report identified issues that could expose the unit to &ldquo unacceptable levels of risk if left uncorrected&rdquo .
In October 2025, Fu Yu announced that it would close the investigation, as it would not benefit the company or shareholders to continue. The board concluded that there was no evidence of wrongdoing or financial loss.
Likely begining from today can Full you with $$
The company has been fooling investors for years.
Seems more like BULL you and not FOOL you .... lol
Good move, we have to protect the retail shareholders,, who trust SGX, coy CEO and Directors with theirs saving however small of shareholding. SGX like the the supermarkets ,, approved the listings, supermarkets are not allowed to sell " rotten fruits ,, products " and later tell the consumers " why you buy ? we never force you !!! " ,,
Newly-configured board of Fu Yu Corp fires CEO Seow for ' gross default and misconduct'
https://www.theedgesingapore.com/news/company-news/newly-configured-board-fu-yu-corp-fires-ceo-seow-gross-default-and-misconduct
But still pump and dump.
Last time at serangoon area business doing good.
A building by itself.
Last time at serangoon area business doing good.
A building by itself.
Fu Yu (sound like Fool You?) but business improved a lot
Fu Yu achieved turnaround in 3QFY2025, recorded net profit of $2.4 million
Fu Yu Corporation (Fu Yu) has reported a net profit of $2.4 million for 3QFY2025, sharply reversing a net loss of $2.6 million a year ago on the back of higher revenue.
Meanwhile, gross profit increased 61.1% y-o-y to $5.8 million in 3QFY2025, mainly due to higher revenue achieved in the same period.
Accordingly, gross profit margin for 3QFY2025 increased to 18.7%, which is an improvement of 7 percentage points from 11.7% in 3QFY2024.
Excluding forex losses and one-off professional fees, EBITDA for 3QFY2025 stood at $4.0 million, higher than the figure of $3.0 million in 3QFY2024.
On a 9MFY2025 basis, contributions from the Singapore operations grew 31.5% y-o-y to $43.8 million, primarily due to higher sales of export tooling, medical, and consumer products, partially offset by softer sales from Malaysia and China.
Shareholders&rsquo equity as at Sept 30 stood at $131.9 million compared to $136.2 million as at Dec 31 2024. Net cash stood at $48.4 million as of Sept 30, equivalent to 6.4 cents per share.
Looking ahead, Fu Yu is closely monitoring the impact of new tariffs proposed by the US Government on exports from China.
Swee. Lots of stale bulls selling, fighting with fresh bulls.
treetops ( Date: 30-Oct-2025 09:45) Posted:
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Recovery
Alignment ( Date: 21-Oct-2025 23:54) Posted:
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It is really sad. One of my bigger losers. I had high hopes. But glad I got out when I did and avoided even bigger losses.
What a shame......
Fu Yu used to be a solid contract manufacturer. The haydays are gone.
Fu Yu used to be a solid contract manufacturer. The haydays are gone.
Fu Yu closes investigations into supply chain unit, sees &lsquo no merit&rsquo in taking action against those involved
The subsidiary made unverifiable arrangements for a US$3 million payment
[SINGAPORE] Precision manufacturer Fu Yu Corporation : F13 -1% will close its investigations into irregularities at its wholly owned supply chain unit, and will not take further action against the individuals involved.
&ldquo The board is of the view that it would not be in the best interests of the company and shareholders to continue with the investigations,&rdquo the company said in a bourse filing on Friday (Oct 3).
It added that the board believes there is &ldquo no merit in taking further action against any person flagged in the investigations&rdquo .
In January, the group announced that it was looking into Fu Yu Supply Chain Solutions (FYSCS), after it had discovered causes for concern at the unit related to a US$4.5 million acquisition, potential misuse of company resources, as well as a US$3 million pre-paid commission.
The probe found that the unit made unverifiable arrangements for a payment of around US$3 million, in which services did not appear to have been received.
These payments were made to KWW Consultancy, a company owned by FYSCS employee Wong Ka Wing, under an incentive agreement dated July 2022 for trades executed on behalf of FYSCS.
However, the sum was ultimately directed to a third party, Arc Intl Energy, through a deed of assignment dated Nov 9, 2022 &ndash an arrangement whose commercial rationale investigators were &ldquo unable to conclusively state&rdquo .
The investigation also pertained to the influence of Fu Yu&rsquo s substantial shareholder Victor Lim on the group&rsquo s US$4.5 million acquisition of FYSCS in July 2021.
The other matters raised included the unauthorised use of a company e-mail account by Lim&rsquo s girlfriend, Hazel Cai, to source deals, as well as S$9,427.76 in reimbursements claimed by Lim during his tenure as FYSCS&rsquo director of strategy.