Infrastructure Developer Dismisses CFO for Continued Physical Absence

It took four years for Singapore-listed IPCO International to discover that its CFO, Carlson Clark Smith, has been unable to travel outside Singapore because his passport has been impounded since 2014. The global developer, turnkey contractor and investor in oil & gas, power, transportation, water & environment and industrial infrastructure projects worldwide dismissed Smith effective February 27, and replaced him with James Moffat Blythman.

The board of directors said Smith, 63, has been "physically absent from the Company's office without seeking prior approval from the current Board" and had failed to visit the company's subsidiaries in China and the US, where he was the key officer for the past four years. As a board member, he failed to inform the company's shareholders that his passport "had been impounded by the Singapore Commercial Affairs Department since 2014," and had made the "unilateral decision" to surrender the right of US subsidiary Capri Investments to future land development without the consent of the board.

The board has approved the appointment as CFO of Blythman, 33, a CPA and Certified Fraud Examiner in Australia. He is currently Director in Singapore of Meridian Equities, and was previously Recovery Officer at Australia's Victoria State Revenue Office, COO in China of Secure Parking, Strategic Planning Manager in China and Chief Representative in Vietnam of Xella International, and Sales and Marketing Officer in China of  BlueScope Steel.