JSM faces shareholder resistance
JSM Indochina’s shareholder, San Francisco-based investment firm Passport Capital yesterday said it has called for an emergency meeting of the AIM-listed property firm’s shareholders to overhaul the board of directors.
Passport, which owns a 13.4 per cent stake in JSM said there were “serious corporate governance failings and the lack of transparency on matters of concern to all shareholders.”
The allegations include that chief executive Craig Jones being paid his salary in advance without disclosure or explanation to shareholders; a $5m personal loan paid to Jones from the company without shareholder disclosure and the use of his shares as collateral for a personal loan.
Passport also believes JSM has failed to use significant invested capital in the group in accordance with the company’s investment strategy.
Passport is calling for the removal of JSM’s chief executive Craig Jones, chief financial officer Rowell Tan and director Michael Tanner. Passport said its move followed a lack of response to concerns by the JSM’s board.
JSM did not respond to calls.