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ICFG Ltd on Wednesday reported that Chief Executive Officer Oliver Fox and Chief Financial Officer Benjamin Proffitt have both stepped down, sending its shares tumbling on Wednesday. ICFG is an investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia. It was formerly known as Fintech Asia Ltd, and changed its name following a reverse takeover of ICFG Pte Ltd in February. Shares in the company were down 12% at 30.00 pence on Wednesday afternoon in London. ICFG said the resignations of both Fox and Proffitt took effect on Wednesday, adding that Robert Shepherd has stepped down from his role as independent non-executive director. Shepherd is set to remain in his role for three months to ensure a smooth transition, said ICFG, while it undergoes the search and selection process. Regarding the search for a permanent chief executive and finance head, the company said the appointment process is underway. In the meantime, ICFG said ICFG PTE Ltd Vice President Enkhmaral Batkhuyag will assume the role of interim CEO, effective immediately. Tserennadmid Ganbaatar, who is currently CFO of subsidiary SIBJ Capital LLC, has been appointed interim CFO. ‘Their resignations follow the successful completion of the reverse takeover. the board would like to thank Oliver and Benjamin for their contributions to ICFG, in particular their key roles in delivering the RTO transaction,’ said the company. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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