The receivers of Birmingham International Holdings said an extraordinary general meeting (EGM) scheduled for Thursday called by Carson Yeung Ka-sing was invalid and they would remove any director appointed at the meeting, the Hong Kong-listed firm announced on Wednesday night.
Former hairdresser Yeung, who is serving a six-year sentence in Stanley Prison for money laundering, owns 27.9 per cent of the troubled company. On February 25 and 26, Yeung placed notices in several Hong Kong newspapers calling for the extraordinary general meeting to be held on Thursday.
In the newspaper notices, Yeung said the proposed meeting would consider the immediate dismissal of nearly half the board members and their replacement with three new directors, including Joanna Wang Man-li, Yeung’s common-law partner, and his former bodyguard and driver, Arjun Kumar Gurung.
“The receivers are of the view that as the notices were not properly given in accordance with the listing rules, the proposed EGM will be invalid. If the proposed EGM is held at the proposed meeting date and any executive directors so nominated by Mr Yeung are appointed, the receivers would have to exercise their powers to remove those invalidly appointed director(s) immediately,” Birmingham International said.
The board members that Yeung asked to be removed in the newspaper notices had resigned anyway on March 9, Birmingham International pointed out. On March 9, the company’s entire board resigned or was sacked, except for one executive director, Cheung Kwai-nang, and one independent non-executive director, Carson Wong Ka-chun, who were both suspended.
