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ecoWise Sues Former Executives, Associates Over Alleged Misconduct

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ecoWise (SGX:5CT) has started High Court proceedings against four former executives and associates over alleged breaches of directors' duties, conspiracy and dishonest assistance linked to the disposal of its entire stake in ecoWise Energy, according to a Friday filing.

The claim, filed Sept. 10, names former Executive Director and Deputy CEO Cao Shixuan, former Hong Kong Chenbang Investment sole director and shareholder Chen Chen-Chen, former Group Financial Controller and Corporate Secretary Lye Kar Choon, and former Senior Manager - HR cum Finance Zhang Gaopin as defendants.

The company is seeking, among other reliefs, equitable compensation and damages, an account of profits, and payment of the difference between the value at which shares in ecoWise Energy and Wuhan ecoWise Energy were received and their alleged true value.

The defendants have not filed their defences, and the claims have not been determined by the court.

What else is happening in Asia?

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Orora Chief Safety, Sustainability, Governance Officer to Step Down at End of Year

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ASX:ORA
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Biokin Pharma Enrolls First Patient in Phase Three Trial for Breast Cancer Drug; Shares Up 4%

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SHA:688506
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Market Chatter: Korea Exchange to Extend Trading Hours till 8PM

South Korea's main stock market, the Korea Exchange, will enable trading till 8 pm following the regular close at 3:30 pm from Monday, in its move toward 24-hour trading, Bloomberg News reported Sunday.This decision opens 2,400 Korea Composite Stock Price Index, or Kospi, and Kosdaq stocks for evening trades, which include short-selling. The move excludes exchange-traded funds, the report said.The Korea Exchange plans to introduce pre-market trading by the end of next year, it said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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