Kuala Lumpur, Malaysia 4 August 2017 : Packaging company Ire-Tex Corp Bhd had announced the emerges of substantial shareholder Dato Donald Lim Siang Chai with a total 10.03% shareholding, signaring a potential controlling share block change.

The company had seen unusual fight between the substantial shareholders and the directors, when Mak Lin Kum and Felix Chin Wui Choong were alledged acting in concert with former director Teh Eng Huat, to cause Ire-Tex suffer damages of RM9.3m when the duo lead the board to drop 2 legal suit against Teh.

The corporate menace did not surprise the market when Teh Eng Huat was found in collusion with Protasco Bhd's Chong Ket Pen through David Lai & Co. Protasco Bhd director Tan Yee Boon is a partner of David Lai & Co. Tan was referred by Dato Ooi Kuok Aun into Protasco Bhd board, which later voted against Dato Ooi Kuok Aun and Ooi's business partner Dato Tey Por Yee in Protasco Bhd legal suit alledged the 2 Protasco Bhd substantial shareholders of wrongdoing.

Ire-Tex Corp Bhd fiasco started in September 2016 when Felix Chin wui Choong was appointed as director. Subsequently Mak Lin Kum was appointed as director on November 2016. Mak was Dato Tey Por Yee lawyer handling client-priviledge informatiom including Ire-Tex. 

In just 2 months of board change, in January 2017 Mak and Felis Chin had immediately manufactured blame to gain control of Ire-Tex board. 2 key executive directors were alledged of wrong doing, with slandering of blames on former director Dato Tey Por Yee were fabricated to made up material for news especially using certain reporters from The Edge and The Star.

In view of such abuse of power by the board, shareholders had called EGM to remove directors Mak and Felix Chin in particular, and had seen over 95% shareholders turn up to vote for removal of the culprits. Some technical wordings were used to cause confusion of the EGM. However, shareholder had further called for another EGM instead of falling into the trap wasting tax payers money. However, more slandering and damages was created by Mak and Felix Chin by abusing shareholders resources trying to use company to injunc its own shareholders from voting. Such abuse is devastating and intensified when the directors further find excuses to delay AGM, which already caused the board in breach of directors statutory duties. The objective is clear that the culprit directors intended to delay and cause harm and injury to former shareholder Dato Tey Por Yee. It is also very clear Mak Lin Kum intended to cause Ire-Tex shares to be suspended in order for him to violate and abuse his power as a director, while manipulated shareholders right and interest.

With more capable shareholders taking on the unfortunate company now might just be the right time to clean up the culprit directors and ratify the menance and damages manufactured by the syndicates.

FinNews

Source http://www.theedgemarkets.com/article/donald-lim-emerges-substantial-shareholder-iretex?type=malaysia

KUALA LUMPUR (Aug 4): Datuk Donald Lim Siang Chai, former deputy finance minister who is currently the chairman of property developer Jiankun International Bhd, has emerged as a substantial shareholder in Ire-Tex Corp Bhd, with a 10.03% stake.

In a filing with Bursa Malaysia today, Ire-Tex said Lim had acquired 13.29 million Ire-Tex shares or a 9.6% stake in the company on Aug 3. This brings his total shareholding in the Penang-based packaging company to 13.85 million shares or 10.03%.

Lim is also the chairman of another listed company Advance Information Marketing Bhd, which is involved in providing customer loyalty programmes.

Lim was involved in politics from 1995 to 2013, having held top governmental roles as deputy minister of finance (2010 to 2013), deputy minister of tourism (2006 to 2008) and deputy minister of information (2003 to 2006).

Ire-Tex, a small-cap packaging company, has been in the spotlight since April this year due to a boardroom tussle between its current directors and the largest shareholder, Elite Cosmo Group Ltd.

Elite Cosmo has repeatedly called for extraordinary general meetings to remove seven of Ire-Tex's directors. It also proposed the appointment of three individuals, namely Hamdan Mohd Nor as executive director, Datuk Amiruddin Jamaluddin as independent director and Raja Hizad Raja Kamarulzaman as independent non-executive director.

On June 21, Ire-Tex's current directors filed a suit in the High Court against Elite Cosmo and 19 others, including Ire-Tex director Kong Hon Kay, ex-director Datuk Tey Por Yee, chief operating officer Christopher Purcell and another major shareholder Famous Bluechip Sdn Bhd.

Ire-Tex shares closed unchanged at 16.5 sen today for a market capitalisation of RM22.79 million.