Far East Global Group (HKG:0830) has published a clarification announcement on the removal of Chiu Lok-man from the directorship of the company. The company terminated his employment because he had failed to accept reasonable instructions from the company.

Following such termination, as Chiu is no longer in employment with the company or its subsidiaries and cannot perform the duty of an executive director in line with the interest of the company, the board resolved to remove Chiu as an executive director of the company. Chiu is in dispute with the company over the termination of his employment, mainly in relation to the manner and exact date of termination, and the compensation arrangement with respect to his employment contract. The company has made attempts and will endeavor to resolve these disputes.

The company considers that there are no material issues that should be brought to the attention of the holders of securities of the company. Save for the said disputes, the board is not aware of any other major disagreement with Chiu in respect of the company.