AN ATTEMPT by a group of executives of Morgan Grenfell Asia Holdings to force a management buy-in, which would have given them control, has ended with one of the rebels back in the fold and five out of the door.
Morgan Grenfell, the London-based merchant banking subsidiary of the German Deutsche Bank, said yesterday that it was accepting the resignations of the chairman and four other directors of Morgan Grenfell Asia.
That means the end of the power struggle for the chairman of the Singapore subsidiary, Ng Soo Peng, together with directors Hsieh Fu Hua, David Ding, Teo Ek Tor and Teng Ngiek Lian.
The rebels had been a strength in the stockbroking arm of Morgan Grenfell, which also has banking and fund management operations in the region.
But their efforts to win a greater share of the action have ended after widespread rumours that Morgan Grenfell was ready to meet their demands.
Morgan Grenfell's chairman, John Craven, who is also on the board of Deutsche Bank, has refused to agree to any reduction of power.