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Galasys to take legal advice to resolve board turmoil

Published: 10:13 04 Nov 2015 GMT

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The company is governed by Jersey law so the court order may be invalid

The board changes announced last month by Asia-focused theme park ticketing group Galasys (LON:GLS) have been challenged by the two individuals who left the board.

Galasys has received a court order from the High Court in Kuala Lumpur that contends that Hee Chee Keong and Chin Chee Seong should still be directors of the company, though as Galasys is governed by Jersey law and the contracts of the departed directors are covered by English laws, there is doubt whether the court order is valid.

Galasys said the legal ramifications are being investigated as a matter of urgency.

The court order stipulated that Hee Chee Keong and Chin Chee Seong be reinstated to the board until a hearing that has been scheduled for 17 November.

The order has revealed a difference in opinion among the directors (excluding the plaintiffs, Hee Chee Keong and Chin Chee Seong) over the composition of the board and the roles that should be assigned.

Having received conflicting legal advice to date, the directors (excluding the plaintiffs) have unanimously agreed to appoint an independent firm of solicitors to help them resolve the situation.

Shares in Galasys fell 7.8p to 18.2p on the news.

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