A ROW is brewing among the management of Seapower International Holdings over the appointments of new directors and the suspension of a director's executive functions.
The dispute came to light yesterday as Janville Ltd, a shareholder of Seapower, filed a writ in the High Court challenging those appointments and the suspension, which were part of resolutions passed at a Seapower board meeting on February 7.
Janville, with more than 10 million Seapower shares, is believed to be a private company controlled by Seapower shareholder and director Choi Sai-leung and his wife Hui Kam-yip, also a director of the company.
Based on the latest figures, Mr and Mrs Choi together own about 23.4 per cent of Seapower's issued share capital.
At the February 7 meeting, resolutions were passed to appoint Leung Shu-wing and Owen Leung Chung-ping as directors of Seapower and to suspend the executive functions of current director James Luk Yu-king.
It is understood that Mr Choi and his wife had objected to these resolutions at the meeting.