19th Apr 2016 09:20
LONDON (Alliance News) - Galasys PLC Tuesday said that Jersey court hearings related to proposals to change the composition of its board that had been scheduled for Monday did not go ahead, however, a directions hearing is now expected April 26 at which point a new date will be fixed for the trial.
The company, which provides services to the leisure and entertainment industry in Asia, is in the midst of a battle between its chief executive officer and its chairman. Chief Executive Officer Seah Kok Wah and Executive Director Chuah Teong Ming requisitioned a general meeting to remove Non-Executive Chairman Teh Kim Seng in December, but this was blocked by the UK High Court.
In Jersey, the Royal Court is hearing a case both involving the composition of the board and whether Teh Kim Seng and Chuah Teong Ming have the authority to conduct litigation on behalf of the company. Galasys said Tuesday that the hearing scheduled for Monday did not commence "pending discussions between the parties who are in dispute", with the aim of achieving a resolution on "all disputed matters."
However, those discussions ceased without agreement.
Additionally, the company said that a court in Malaysia dismissed an injunction against the company and three defendants, Garry Peagam, Vincent Lai and Teh Kim Seng, and also set aside the writ and statement of claim against Teh Kim Seng as one of the defendants in the proceedings. Galasys said it was understood that an appeal has been lodged.
Shares in Galasys were untraded Tuesday morning, having last closed at 22.15 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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