The Board of Directors of Ipco International Limited announced the dismissal of Mr. Carlson Clark Smith as Chief Financial Officer with effect from 27 February 2018. Following an Extraordinary General Meeting held on 19 January, the Board undertook an investigation and decided to dismiss Mr. Smith due to the following misconduct: 1) Mr. Carlson Clark Smith being continued physically absent from the Company's office without seeking prior approval from current Board and not conducted on-site visits of the Company's subsidiaries in China and the US where he was the key officer for the past 4 years; 2) Mr. Carlson Clark Smith as a Board Member failed to inform the Shareholders of the Company that his passport had been impounded by the Singapore Commercial Affairs Department since 2014. This affected Mr. Smith's ability to discharge his duties as Executive Director and CFO for the Company's overseas operations especially as Sole Manager of the USA subsidiary Capri Investments LLC; 3) Mr. Smith's unilateral decision to surrender Capri's right to future land development without consultation and consent of the Board of Directors.