The Minority Shareholders Watch Group (MSWG) via their bulletin of May 20,2022 informed that for the MSWG AGM/EGM Weekly Watch of 23 – 27 May 2022 , MBL is in the Minority Shareholders Watch Group’s (MSWG) watch list, and the detail of the question to MBL can be obtained via MSWG’s website at www.mswg.org.my. 

The question emailed by MSWG to the Board of Directors of MBL for the AGM was in relation to a transaction of Share Sale Agreement dated April 1, 2021 between MBL Plantation Sdn. Bhd. as the vendor and Doa Huat Holdings Sdn. Bhd. as the purchaser and that why MBL only announced the transaction some 10 months later on January 21, 2022

The Annual General Meeting of MBL was held on May 26, 2022, and not satisfied with the lame excuse as announced in their January 25, 2022 reply to Bursa Malaysia, the MSWG wrote this in their The Observer bulletin :

It is very clear that the explanation by MBL in the delay on the announcement to shareholders and Bursa Malaysia as "misinterpreting" the Listing Requirement is not only totally unconvincing, but was an attempt to hide certain material facts of the Share Sale Agreement dated April 1, 2021 between MBL Plantation Sdn. Bhd. and Doa Huat Holdings Sdn. Bhd.

The "misinterpretation reason" is totally unacceptable simply because :

1. Tan Sri Tan King Tai @ Tan Khoon Hai, as an Executive Director and Finance Director of MBL is also a veteran corporate man with years of experience sitting on the board of various other public companies including SWS Capital, Pensonic, Denko Industries, Eka Noodles and many others. How can he is unaware of Paragragh 10.02(g) of the Listing Requirement when the whole Chapter 10 talks about percentage ratios for disclosure?
2. Professionally and on a full time basis, Tan Sri Tan King Tai @ Tan Khoon Hai runs a secretarial, consulting and  management firm known as Tan Commercial Management Services Sdn. Bhd. at No. 85, Muntri Street, 10200 Georgetown, Penang. His daughter Doreen Tan Hui Lun (from his first marriage with Puan Sri Chan Mei Cheng and now keep two wives concurrently, the other being Phnuah Farn Farn) is also the Company Secretary of MBL. If  he was "ignorant as to the level of misinterpreting paragraphs in the Listing Requirement", then Doreen Tan Hui Lun (and his firm) should resign as the Company Secretary of MBL. Both professionally and personally.
3. He as an Executive Director and the Finance Director of MBL, ought to have known of the existence of the Share Sale Agreement dated April 1, 2021, because as I have written in MBL - Concealing A Material Transaction and Its CASH (Part 6), a sum of RM15,000,000.00 was credited to the bank account of MBL on April 5, 2021. If he cannot see this large amount of RM15,000,000.00 as the Finance Director of MBL for 10 months or 3 quarters of financial reporting in MBL, then I will be  totally speechless.

The mystery of this black hole of MBL may soon be revealed or discovered by the regulators, as I strongly believe there are some fishy business or covering up by the board or management of MBL which I will try finding out.

Let's see what will be unfolded next since MBL had laid its hand on Symphony Life Berhad, and with so many bad publicity going on now in Symphony, I won't be surprised if something like Serba Dinamik will happen!