Singapore Fung Yee International adjusts risk committee, Guo Kongfeng steps down, Yang Rongwen joins.

Singapore Fumhai International announced on the 1st that the Chairman of the Board of Directors, Guo Kongfeng, will step down from his positions on the Risk Management Committee and the Sustainable Development Committee with immediate effect. Former Singapore Foreign Minister George Yeo and independent director So Jin Teck have been appointed to join the above committees to strengthen the independent oversight mechanism of the Board of Directors. The company's announcement stated that in compliance with good corporate governance principles, the Risk Management Committee should be composed entirely of independent directors to enhance the board's stronger and more objective supervision of risk matters. This adjustment comes as the company faces significant legal challenges. Its subsidiary, Yihai Guanzhou, was found guilty of contract fraud in a first instance judgment in November and was ordered to jointly compensate for the 1.881 billion RMB losses suffered by Anhui Huawen. Fuhai International and its subsidiary Yihai Kaili Golden Dragon Fish have stated that they do not accept the judgment and have appealed. Guanzhou Yihai is a subsidiary of Fuhai International's Yihai Kaili Golden Dragon Fish, with Fuhai International holding 89.99% of Golden Dragon Fish's shares.