Shareholders of NutryFarm International have intensified their calls for the immediate suspension of chief executive officer Niu Liming and the appointment of the company’s chief financial officer as interim CEO. The demands were formally submitted through an urgent notice filed on the stock exchange on October 12.

The notice, which did not specify the CFO by name, was made public alongside records indicating that Derek Ong Chee Beng, 60, has served as NutryFarm’s group financial controller since June 8. The shareholders requesting the changes have also sought to convene a special general meeting to address these leadership concerns.

NutryFarm confirmed it is reviewing the demand notice and is seeking legal counsel, though the company has not disclosed the specific grounds cited for suspending Niu or indicated any changes to its management team.

This recent filing follows several earlier communications. On October 9, a group of shareholders representing at least 10% of the company’s paid-up capital petitioned for a special general meeting to remove Niu from the board and all executive roles. Additionally, they proposed the election of shareholder Charlie In as a director and urged the board to consider In for the CEO position.

In a separate letter dated the same day, the shareholders called for Niu’s immediate removal from all executive positions and requested that he abstain from participating in board discussions or votes related to his own status.

NutryFarm has stated it is examining the allegations but has not provided further details. Following these actions, an objection was filed on October 11 challenging Niu’s proxy voting rights granted by shareholder Jia Lijie, citing potential conflicts of interest related to the arrangement.

According to NutryFarm’s 2024 annual report, Niu holds a direct interest of 360,000 shares. Through a share pledge agreement with Jia Lijie, who holds 21.7 million shares, and Cheng Meng, who owns 13.3 million shares, Niu is deemed to have an indirect interest totaling 25.72%. He also has ownership in Corpbond IV, the creditor that applied for judicial management of NutryFarm in June 2022. Niu was appointed executive director and CEO in December 2022.

NutryFarm was discharged from judicial management by the High Court on February 2, 2023, but its shares have been suspended since April 11, 2022, and have yet to resume trading. The ongoing leadership dispute and share suspension contribute to uncertainty surrounding the company’s immediate future.