Elite shareholders vote to not re-elect Peter Chin
Published:Tuesday | December 14, 2021 | 6:03 PM
Shareholders of Elite Diagnostics Limited voted not to re-elect Peter Chin as a non-executive director.
Chin is currently before the court in relation to the dealings of Alliance Financial, and was not physically present at Elite's annual general meeting.
“The notice [to re-elect] would have been sent out prior to the news release, and we have not had a board meeting since. So, the outcome is understood,” said Elite Chairman Steven Gooden, after the vote on Tuesday morning.
The court recently placed a stop order on Peter Chin and Robert Chin, the principals of Alliance Investment Management Limited (AIML) and Alliance Financial Limited (AFL). They are to return to court on Friday, December 17.
AFL and Peter Chin were charged with lending foreign currency without being an authorised dealer in relation to more than 20 foreign currency loans. While Robert and Peter Chin are reportedly jointly charged for alleged breaches of the Banking Services Act for accepting deposits without the requisite licence from the BOJ relating to a series of deposits more than US$7.5 million over a three-year period, from 2014 to 2017.