KUALA LUMPUR (Dec 15): Wintoni Group Bhd major shareholder Yap Kok Weng, which bought into the company reportedly since August 2014, is no stranger to corporate turbulence. Yap which did an unusual hostile board room take over during company AGM, and later through party working in concert called for an EGM, had ended up causing the company lost of business and gloomy road ahead. Yap together with his associates from 2 other property developer PLC, which count Chang Khim Wah, the CEO of another PLC as one of the defendant in a company law suit against the hostile parties is ongoing.

Yap and associates drama goes on until 26 November 2015, Yap sudden sold down of his shareholdings ahead of company 2 December 2015 public announcement, has potentially crossed the line of potential insider trading. Subsequently on 8 December 2015, when Bursa released statement the shares are suspended from trading starting 8 December until the company submit last quarterly report or risk extended suspension and potential delisting. The quarterly account was apparently due to company audit committee chairman, Chaang Kok Fei, which is a proxy director to Yap, did not want the report to goes out and subsequently causing the suspension of share price.

More dramatic, after Chaang dubious mistake as perceived by market, Chaang together with another proxy director of Yap and associates resigned. It would be questionable if Yap's associate, including Chang Khim Wah and his staffs that still holding Wintoni shares were breaking up or just another show in the Wintoni looting campaign.

One thing is for sure, Chang Khim Wah and the parties working together with Yap would be facing both authority and legal challenges, while still trying to cook up their mission in Wintoni. Even Yap lawyer which alleged making mistakes were being suid by company, together with their proxy Kang who held company document illegally and still until today, did not return back company document, as per Bursa announcement. Chang Khim Wah being a senior officer in another PLC would be the spot light as himself and his team are still holding Wintoni shares, becomes a question of their credibility. More to expect in coming episode 2, perhaps as soon as next few weeks.

Note: Yap Kok Weng was a director at SP Setia Bhd, Chang Khim Wah is the CEO of Eco World Development Group Bhd

[NStar Research]

Refers to:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4944285

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4947097

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4947101

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