Thursday May 1, 09:21 AM
Financial Payment Systems says chief executive Ong Lay Ann parts ways with co
LONDON (Thomson Financial) - Financial Payment Systems Ltd (LSE: FPS.L - news) . said its board has given chief executive Ong Lay Ann written
notice requiring that he resign as a director, and terminated his employment with the company.
The board has appointed group general counsel John Ellison as general manager reporting directly to the board, in order to oversee the termination of the company's joint venture arrangements in China's Jiangsu province, and subsequently to handle the liquidation of the joint venture vehicle Jiangsu Electronic Payment Systems Co. Ltd.
The company had in February warned it will likely cease its activities in China if it fails to make substantial progress at the forthcoming meeting with the unnamed joint venture partner.
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