SINGAPORE (THE BUSINESS TIMES) – Mr Lim Wee Li, who was last week dismissed from his CEO post at Kitchen Culture by the Catalist-listed company’s board, says he does not agree with the decision and will be exploring his options with his lawyers.
In a statement emailed to The Business Times, Mr Lim said: “I understand that the company has terminated my employment as chief executive officer without notice and with immediate effect, on the alleged basis that I have caused the company to be in breach of certain regulations. I do not agree with the company’s decision.
“The allegations against me came on the back of an internal control review of the company. My lawyers have been asking the company for documents to allow me to understand the context leading up to the internal control review of the company. However, the company did not provide the requested documents.” Nevertheless, Mr Lim’s responses to the allegations were sent to the company’s lawyers on July 7.
Mr Lim expressed disappointment that Kitchen Culture proceeded to terminate his employment despite his response being sent to the company the same day.
On July 8, Kitchen Culture announced via a bourse filing that its board had on the previous day passed a resolution by a majority of director votes to cease Mr Lim’s employment with immediate effect as the board is of “reasonable opinion” that Mr Lim is in “gross default or grave misconduct” in connection with, or affecting the company’s business.
Following the termination, Kitchen Culture will procure his resignation as a director of the company and all its subsidiaries according to the terms of his employment contract, the company said in the filing.
It also said it has appointed executive director Lincoln Teo as interim CEO to assume Mr Lim’s duties and responsibilities, as well as ensure the group’s operations and businesses continue smoothly.
Chief operating officer Quek Wey Lon and other key members of the management are intact, it added.
Kitchen Culture is in the business of supplying kitchen equipment. It ventured into the fintech industry last year through its partnership with Ooway Technology, which runs an artificial intelligence-based credit management platform.