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Lawyers Turns Law Breakers - Business Menance News

Author: lawyerwho   |   Latest post: Tue, 20 Jun 2017, 05:41 PM

 

Wintoni Group Bhd's extortion snaps before EGM. Who took shareholders for a ride? Mak Lin Kum who?

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19 June 2017, Kuala Lumpur - Software company Wintoni Group Bhd today posted series of dubious announcements by the current board of directors, just 1 day before Extraordinary General Meeting (EGM), where the EGM main agenda is to remove all of the incompetent directors the following day. The director's behavior is somewhat bizarre but not unexpected.

The announcement includes (1) the rush to self-suffocate asking for delisting by the authority from the directors; (2) self-fabricated "opinion" to appoint a liquidator for some "creditors' voluntary winding up" excuse; and (3) a familiar character assassination tactic using allegation on Wintoni former director Dato Tey Por Yee.

Earlier, the directors had purposely did not submit annual returns nor annual report with no intention to call for Annual General Meeting (AGM) either. Such suicidal action by the directors had further purposely asked for Bursa to suspend the company shares from trading, market believe would have ill advised by their lawyer to breach their fiduciary and statutory duties. Innocent shareholders were puzzled and had since called for EGM to remove the incompetent directors.

Coincidentally, the recent potential director abuses in Ire-Tex Corporation Bhd, Stone Master Bhd and now Wintoni Group Bhd seems to form same patterns or modus operandi in such corporate system vandalism by intentionally causing harm to shareholders. The market wonder who is the hand behind such menace, and what happen if such incident is to escalate to other blue chip companies which will paralyze entire financial system? 

 

Extortion by Directors & Lawyer?

The "lawyer", market pointed out clearly leading to one Mak Lin Kum, which would explain who gives such typical excuses for the 2 announcements. The first reads "The Board of Directors of WINTONI wishes to announce that the Company will not be seeking an extension of time to submit the Requisite Announcement to Bursa Malaysia Securities Berhad." Followed by the second announcement "The Board of Directors of Wintoni, having formed an opinion that the company cannot by reason of its liabilities continue its business, has appointed Mohd Afrizan bin Husain of Aftaas Corporate Advisory Services Sdn Bhd as an Interim Liquidator for the purpose of facilitating a creditors' voluntary winding up pursuant to Section 440 of the Companies Act, 2016."

Such unusual use of BursaLink has raised serious governance and system credibility issue in the market as if directors being named to be removed means they can smear whoever they want and abuse the system as they wish, and authorities and shareholders can't do anything about it. The tumor in the system is creating precedence for more commercial brutality examples, with serious consequences which may plug the capital market if more companies follow.

Mak Lin Kum was the legal advisor who markets perceived hired by Dato Tey Por Yee back in the year 2015 which caused the hostile takeover of Wintoni by one Yap Kok Weng collapse. The modus operandi of one Mak Lin Kum was bulldozing breaking the law, and smear names to cause over 70 shareholders of Wintoni linked to Yap Kok Weng being acting in concert, alleged violating General Offer (GO) and Take Over Rules.

Market perceived apparently Mak Lin Kum had ever been terminated by Tey in his service, would have turned hostile and took what he perceived as Tey's companies hostage. By using Tey's attorney-client privilege at his disposal, Mak Lin Kum fabricated issues market believed with personal agenda with the objective to smear Tey's name, is actually at shareholders cost. This is the part where investors are angry and started to see the true picture.

 

Mak Lin Kum - Dato Tey Por Yee's lawyer
Name  MAK LIN KUM
Date of Admission   13-11-1999
Qualification/Institution  MONASH
Firm   SYED IBRAHIM & CO.
Branch   Kuala Lumpur
Firm's Address   201, TINGKAT 2, BANGUNAN LOKE YEW,
NO. 4 JALAN MAHKAMAH PERSEKUTUAN,
50050 KUALA LUMPUR
Firm's Tel   03-26927797/4767
Firm's Fax   03-26920678
Firm's E-mail   enquiry@my.syedibrahimco.com

 

 

Wintoni EGM by Shareholders

According to the Wintoni May and June 2017 special notice and requisition, Cheah Kwong Lee (who holds a substantial 10.17% stake in Wintoni) and Chan Chong Loong expressed their intention to remove three directors, namely its non-executive chairman Datuk Seri Mohd Shariff Omar and executive directors — Ahmad Amryn Abdul Malik and Raja Kamarudin Raja Adnan.
 
They are requesting to appoint three new ones in their place, namely Cheah himself, as well as Chong Seng Foo and Wong Mei Thien. Chong was later replaced with Mohd Nasir bin Salleh.
 
In a filing with Bursa Malaysia today, Wintoni said in the event that the company fails to do so within 14 days of the date of the requisition, then both Cheah and Chan will proceed to convene such a meeting.
 
For the financial year ended Dec 31, 2015 (FY15), the ACE Market-listed group suffered a loss of RM56.91 million against a profit of RM4.41 million in FY14. The substantial loss suffered was mainly due to writing off of Information Technology (IT) related assets which no longer appear to be usable and unable to generate any economic benefit for the group. 
 
The market is puzzled how large is the black hole in the BursaLink system to allow directors to use allegation linking a business lost to a former director, a day before his removal? Market believe the person is Ahmad Amryn Adbul Malik, the directors of Wintoni. Ahmad Amryn together with Mohd Shariff bin Omar were referred by Mak Lin Kum to join Wintoni. Both were also being referred by Mak Lin Kum to join Ire-Tex after Mak Lin Kum was named by shareholder to-be-removed in Ire-Tex EGM. 
 
To recall, these are the directors & lawyer, who took shareholders & authority for a ride in the year 2015 Wintoni EGM. They are now taking shareholders for a ride, presuming shareholders & authorities can do nothing about it.
 
(Mak Lin Kum and Shariff bin Omar at Wintoni EGM 2015)
 
 
 
 
 
 
Wintoni The Tiny "Bluechip"?
 
Trace back to Wintoni history. The company under the former name Winsun Technologies Bhd suffered multi-years losses since the year 2009 until 2013 (6 years). The company turns profitable in the year 2014, followed by a name change to Wintoni Group Bhd and diversification of business to mobile software and e-commerce business. The turnaround of business was lead by businessman Dato Tey Por Yee and his team of IT executives.
 
Unfortunately, series of dubious allegations and personal attack were started since September 2014, instigated by Protasco Bhd's Chong Ket Pen allegations on Tey and Ooi. Tey and Ooi were both substantial shareholders of Protasco. Such strange incident, the market believed as a tactic By Chong to divert attention, was followed by a hostile takeover by one Yap Kok Weng and his group of shareholders who bought Wintoni Group Bhd shares during the same period. Yap and group of associates' entry had raised market eyebrows of what is so special about Wintoni which justify a hostile take over. Except linking and inspired by Chong from Protasco.
 
Following Yap's illegal entry without calling a general offer (GO), his acts had spooked Wintoni customers and suppliers and they had fled followed by a business collapse. The asset of a software company is the people, and the lost of people would leave the software and intellectual property redundant. Such simple theory might not be apparent to Yap with his property business background, but is a common risk and norm in information technology companies. The ups and down of social media companies such as Myspace and Friendster within a short period of time are the classical examples, before the birth of Facebook.
 
 
More Abuses and Taken Shareholders for a Ride?
 
The coming EGM for Wintoni on 20 June 2017 is somehow a sad story, where existing directors and their lawyer being the main culprits pretend to be pursuing shareholders justice and interest, turns out actually holding the company ransom for personal agenda and asked for self-destruction a day before EGM. Such extortion turns sour example may be a good lesson for public listed companies' shareholders to raise their concerns and exercise their rights to fight for their own interest. Perhaps it's time for some upgrade in the entire corporate system before such virus spread across the market causing more casualties.
 
Lawless News
 
 
Refers to "self-made-winding-up"?
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5464949
 

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR Wintoni Group Berhad ("Wintoni" or the "Company") Appointment of Interim Liquidator

WINTONI GROUP BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
Wintoni Group Berhad ("Wintoni" or the "Company")
Appointment of Interim Liquidator

The Board of Directors of Wintoni, having formed an opinion that the company cannot by reason of its liabilities continue its business, has appointed Mohd Afrizan bin Husain of Aftaas Corporate Advisory Services Sdn Bhd as an Interim Liquidator for the purpose of facilitating a creditors' voluntary winding up pursuant to Section 440 of the Companies Act, 2016.

Further announcement on the matter will be made in due course.

This annoucement is dated 19 June 2017.





Announcement Info

Company Name WINTONI GROUP BERHAD
Stock Name WINTONI
Date Announced 19 Jun 2017
Category General Announcement for PLC
Reference Number GA1-19062017-00092
 

 

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  Be the first to like this.
 
Indiandance Jail them.
20/06/2017 14:39
Pnbbroker No honor, no respect, trash.
22/06/2017 23:00


 

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