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have independent management to run

Minority shareholders of Alliance Select Foods International Inc. have objected to the

sudden appointment associated with Raymond See as the company's new President and

CHIEF EXECUTIVE OFFICER, which came following the retirement/resignation of corporate

officers

such as Jonathan Dee plus a reorganization of the company's

top rated brass.

Alliance Director Hedy Yap-Chua, who represents Singaporean minority shareholders in Alliance

reiterated the group's

earlier stance that a company with the financial performance

of Alliance needs more than new faces elected by the same controlling interests to effect the turn-

around in its performance as well as governance. "In

our see, nothing short of an independent Temporary Management Committee made of

specialists in the company's business having a background in finance, can achieve the levels ofgovernance

as well as financial accountability that a PSE listed company such as Alliance

needs", replied Ms. Yap-Chua, when asked about the changes announced by the

company.

The legal cases filed by the minority group of shareholders in February over

the alleged refusal to open the particular company's books and suggestions of

corporate mismanagement haven't moved from the investigation stage and remain unresolved

inside almost 10 months.

"As minority shareholders, we stay hopeful that our resort to the particular legal system of the

Philippines for protection of the protection under the law of shareholders to access business

books and records as well as the appointment of an distinct management committee will be

granted due course. We are self-assured that any objective writeup on the previous

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management and board will find that items need to be seriously addressed, " Ms. Yap-Chua

added.

In the disclosure to the Philippine Stock Exchange, Alliance stated that over the Board of

Director's meeting last

December 8, Mr. See was designated to take the position of Alliance founder Jonathan Dee as

President and

CEO. Mr. Dee will be moving on as Chairman of the company's Board of

Directors.

With his appointment as President as well as CEO, Mr. See ended up being also given a seat in

the company's Board of Directors.

Coincidental?

Prior to his appointment as Alliance President and CEO, Mr. See served as Senior Vp for

Operations since becoming a member of the company in September 1, 2014. Before joining

Alliance, Mr. See

reportedly occupied an executive position with Pilipinas Shell Petroleum Corp.

In an earlier statement, the new Chairman of Alliance as well as former CEO,

Mr. Jonathan Dee said the reorganization in the company's top management "is nothing more

than

coincidental" to be able to ongoing disputes between directors representing the controlling

group in Alliance and a selection of minority shareholders in the corporation that had earlier

brought up complaints of being barred from inspecting books

and information as well as being diluted through acts

of the controlling team.

The dispute at Alliance has already resulted to an exchange of lawsuits, including criminal|legal

charges filed by the Dee

family against the representatives of the minority shareholders for libel and a separate criminal

case accusing the

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revelation of company secrets to the public.

The minority group later filed another case questioning the actual issuance of a significant number

of shares to a new investor - Strongoak, Inc. -- which resulted to the dilution of minority

shareholdings, and also the use of the new investor's voting powers to

eliminate minority shareholders' representation in the Board.

Within yet another lawsuit brought in the Alliance, minority shareholders

also accused seven Alliance officialsofficers administrators of grave

mismanagement.

Appointment and retrenchments

The appointment of Mr. See as the new President and CEO is widely expected to intensify the

dispute between the group of majority shareholders led by Mr. Dee and the minority shareholders

based in

Singapore.

Mr. See joined Alliance as an appointee of the controlling group of| directors, including Strongoak,

in whose

entry into the company is being questioned by the Singaporean group shareholders.

Mr. See's assumption of the new role also comes amid the retrenchment of

eight Alliance staff at its General Santos City plant which is viewed as indication of the company's

current financial position.

The retrenchment of the staff - including an Asst Plant

Manager, Logistics Manager, Labelling Leadperson, Sanitation Leadperson - will be effective

December 31.

In a report to the Department of Labor, Alliance cited redundancy as the reason for the

employees' retrenchment.

{Jonathan Dee Jonathan Dee Alliance Select|Alliance Select Foods International Inc.| Jonathan

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Dee Alliance Select Foods International Inc.|Jonathan Dee Philippines|Jonathan Dee

tuna|Philippine tuna|Philippine tuna industry|

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