Mainboard-listed property investment firm Japan Land said Wednesday it has appointed Leow Tet Sin as managing director and member of the nominating committee of the company with effect from December 23.
The appointment resolves a conflict of interest issue that has plagued the company since last month when Japan Land’s independent director, lawyer and Tampines Member of Parliament Sin Boon Ann, resigned from the board.
Mr Sin had quit the board of directors, saying he was not satisfied that the firm has adequate control of its operating subsidiary, Japan Asia Land Limited.
The spotlight was also cast on a potential conflict of interest because Japan Land’s then managing director Mitsutoshi Ono was also concurrently president of the firm’s subsidiary, Japan Asia Land.
Mr Ono has since stepped down as managing director and currently does not sit on the company’s board of directors.
With the appointment of Mr Leow, the company said there are no changes to the composition of the other Board Committees.
Source : Channel NewsAsia – 30 Dec 2009