AS THE temperature rises with the D-Day nearing in the quest of German billionaire Andreas Heeschen-led group of shareholders to remove nine existing directors of cash-strapped KNM Group Bhd including its chairman Tunku Datuk Yaacob Khyra, it is probably inevitable for interested parties from both divides to indulge in a mudslinging game.

The latest is perhaps the attempt to revive the so-called ‘banned’ whistleblower report and critical documents linked to Tunku Yaacob who is both the controlling shareholder of the oil & gas (O&G) engineering outfit and a director of MAA Group Bhd.

The said whistleblower report is not only damaging to the reputation of the Negri Sembilan royal family member but also inflicts massive negativity on the current KNM Group management and board in light of the extraordinary general meeting (EGM) slated for Oct 16 which chief agenda is to remove Tunku Yaacob alongside eight other directors.

For the record, the Malaysian Communications and Multimedia Commission (MCMC) had on July 25 responded to the complaint filed by KNM Group’s chief financial officer (CFO) Cha Fui Min by acting against a “libellous news report” by a somehow dodgy business news portal known as Business Sun Times.

Interestingly, even though the multimedia watchdog claimed that it had probed the said business news portal and “would subject the site to restrictive action for having breached Section 233 of the Communications and Multimedia Act 1998″, the damning article is still accessible at the time of writing.

Tunku Yaacob who is currently substantial shareholder in the loss-making KNM Group holds an indirect stake of 9.44% or 347.2 million shares held via Melewar Industrial Group Bhd while Heeschen together with the parties acting in concert hold a 10.69% stake.

The German billionaire who is the majority shareholder of German-based firearms manufacturer Heckler & Koch had on Aug 29 emerged as a shareholder of the Practice Note 17 (PN17) outfit with a 7.91% stake or 320 million shares.

He alongside seven other shareholders have sought the removal of all nine directors of KNM Group while pushing to appoint Tunku Kamariah Aminah Maimunah lskandariah Sultan Iskandar - the Johor princess and eldest sister of Johor ruler Sultan Ibrahim Sultan Iskandar - as a director-cum-chairman to replace Tunku Yaacob.

Notwithstanding the whistleblower report dated June 19 this year, adding a twist to the narrative is the position of Datuk Muhamad Umar Swift as the current CEO of Bursa Malaysia.

Umar’s past tenure with MAA Group where he served as the group CEO and group managing director from September 2006 to February 2019 has somehow sparked discussions about a potential conflict of interest. Such affiliations naturally lead to questions about the transparency and fairness with which the allegations in the whistleblower report are being addressed.

More broadly, the whistleblower mechanisms of both MAA Group and KNM Group which are designed to champion transparency, ethical conduct and corporate accountability in the Malaysian business milieu have now come under the scanner.

As this corporate saga continues to unfold, the Malaysian business fraternity coupled with the general populace is all eyes and ears. The collective aspiration is for a resolution that not only addresses the prevailing concerns but also fortifies the tenets of transparency, accountability and principled corporate governance in Malaysia. - Oct 4, 2023

https://focusmalaysia.my/knm-groups-high-profile-egm-heats-up-with-re-posting-of-libellous-whistleblower-report-against-chairman/