TROOPS announced that certain allegations were advanced against the independent director of the Company, Wang Tai Dominic, through the Civil Action HCA 938 of 2022. While the Company does not accept these Allegations and will strenuously defend the Allegations, out of prudence and in the interest of protecting the public shareholders, the Board has formed a special committee on April 11, 2023 to oversee an internal investigation into the Allegations, to investigate Li’s independence and integrity, and to review the Company’s internal corporate governance. The Special Committee is comprised of two independent directors of the Board, Ms. Yong Li Huang and Mr. Wood Shing Kei Sze, with Mr. Wood Shing Kei Sze serving as its chairman. The Special Committee has been delegated full authority to investigate the Allegations and to review the Company’s internal corporate governance. The Internal Investigation is at a preliminary stage.
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