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The board of directors of the embattled Axington company has been reduced to a shell after a series of abrupt resignations in recent days, including that of Chinese gem trader Evangeline Shen.
Shen, the non-independent and non-executive chairman of Axington, is linked to a company that manipulated images of the co-founders with former US President Barack Obama.
Axington, a Catalan-listed professional advisory services firm, now has only two independent directors after Ms Shen and three others resigned in recent days, news that the company disclosed in four filings with the Singapore Stock Exchange ( SGX) after midnight on Monday.
The resignations cap off a tumultuous week for Axington and the Singapore-registered Bellagraph Nova (BN) group, which has drawn intense scrutiny following news of their takeover bid for English Premier League club Newcastle United.
The BN Group was founded by Ms Shen and her Singaporean business partners Terence Loh, 42, and Nelson Loh, 40, who are cousins. The Lohs also own Axington.
BN Group’s ambitious bid quickly soured after the Obama photo scandal broke out and inconsistencies emerged in publicity materials.
The disclosures prompted SGX’s regulatory arm to call Axington’s Catalist sponsor, Novus Corporate Finance, last week to evaluate board members for their “experience, expertise, character and integrity.”
A day later, the former US ambassador to Singapore, Kirk Wagar, told The Straits Times that he had resigned as an independent director.
Yesterday’s filings said that Axington CEO Marjory Loh and non-independent non-executive director Michael Wong Soon Yuh resigned on August 28.
32-year-old Shen followed on August 30 along with lead freelance director Alex Chua Siong Kiat.
The reasons given ranged from imminent changes in the company’s business to “intense public scrutiny” and “health.”
Ms. Shen, Ms. Loh, Mr. Chua, Mr. Wong and two other independent directors, Mr. Daryl Low Junrui and Mr. Roberto Dona, were appointed to the board on July 14.
The five resignations leave the Axington board alone with Mr. Low and Mr. Dona.
Mr. Low is the CEO and director of Hydra X, considered by BN Group as one of its 31 subsidiaries.
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