Japan Land, a Mainboard-listed property investment company, said last Wednesday that it has appointed Leow Tet Sin as the new managing director and member of the company’s nominating committee, effective from December 23.
The recent appointment settles a conflict of interest issue that has overwhelmed the company since November, when Sin Boon Ann, a member of parliament for Tampines and Japan Land’s independent director and lawyer, resigned from the board.
Mr. Sin vacated the board of directors, claiming that he is not satisfied that the company has enough control of Japan Asia Land Limited, its operating subsidiary.
The spotlight was also directed on a possible conflict of interest as Mitsutoshi Ono, one of the former managing directors of Japan Land, was at the same time the president of Japan Asia Land, the firm’s subsidiary.
Mr. Ono has resigned as managing director and presently does not sit on the company’s board of directors.
With Mr. Leow’s appointment, the company affirmed that there are no changes to the composition of the other Board Committees.