Headline: Wintoni’s Yap proxy director Chaang Kok Fai fails to approve quarterly account as Chairman of Audit Committee. Shares to be suspended. [BursaKS]

[Kuala Lumpur, 5 Dec 2015] : According to local press announcements, trading in Wintoni Group Bhd shares will be suspended from Tuesday next week, following the company’s failure to submit its quarterly report for the period ended Sept 30 on time.

Brokers familiar with Yap's syndicates were told that Yap Kok Weng and parties working in concert's nominated proxy director, namely Keith Chaang Kok Fai, which sits on Wintoni board as Chairman of Audit Committee, breached his duty and fails to response to the board on third quarter (Q3) results in the company recent board meeting held before 30 November 2015 deadline. His clueless act caused the company failure to submit the report on time would further cause the company shares to be suspended on 8 December 2015 by Bursa Malaysia.

Market believes that such news triggers a margin call on Yap Kok Weng shares, and crushed the share price to as low as 4.5 cents to-date. The news spread among brokerage firms, and panic selling by Yap's associates which earlier were told to buy and hold the shares only to found out that Yap is the first to ran away. The crowd went amok when speculation that potential GN3 may cause the selling pressure of share price to intensify. Selling frenzy went wild. "This is the most careless mistake by someone invested potentially tens of millions of Ringgit on a small company like Wintoni and yet appointed a clueless nominee to represent his pay masters and tank his own investment. What Chaang did was basically shoot his own foot without knowing the consequences. Even if these are not Yap and associates own money, it's still ruthless'', commented an investment banker.

"Despite the sell offs, many hard core cult believers were told to still hung on their investments, and hypnotized that Yap and associates were merely reshuffling their shareholding to avoid general offer. They were told Bursa Malaysia and Securities Commission officers were to be blamed. Indeed, the authority should be blamed for leaving the tigers in the wild (means Yap and associates) while they were busy trying to catch the kitten." commented a junior officer declined to be named.

Earlier on late October 2015, another one of Yap Kok Weng’s proxy director Anita Chew Cheng Im, resigned being an independent director of Wintoni. Market perceived that the sudden awakening by Anita Chew in view of the damages caused by Yap and associates had crossed the legal boundary.

Wintoni, which designs industrial automation systems and offers mobile platform services, was supposed to have submitted its third quarter (Q3) results by Nov 30, pursuant to Bursa Securities’ Ace Market listing requirements, it told Bursa Malaysia on Wednesday.

In an announcement a week earlier, Wintoni had said it was unable to submit the report on time due to the loss of data following the recent break-in at its office and more time being required for it to seek third party opinions on the Q3 results.

The company said it expected to submit the Q3 results to Bursa Securities by end of this month.

Since the hostile entry attempt by a group of investors lead by Yap Kok Weng and Chang Khim Wah, where both came from property development background under Tan Sri Liew Kee Sin leadership, the company had suffered various turbulence under their influence. Yap and associates were blamed by the market to over done on share price manipulation and speculation, causing the falls of Wintoni business and share price. "The group triggered general offer and yet trying to run away, causing harm to the board and the company, and worst, the minority shareholders. Someone should put them behind bars for such reckless big bully in capital market", added the banker.

In the second quarter, Wintoni posted a net loss of RM14.04mil on 81.8% lower year-on-year revenue of RM1.097mil. The company was making profit until Yap and associates illegal take over attempt during the company last AGM. Yap and associates further called for an EGM and fails to comply to the take over code by avoiding a mandatory general offer.

Wintoni shares is up 0.5 sen to close at 5.5 sen on Friday.

[BursaKS]

Source: https://bursakingcross.wordpress.com/2015/12/04/headline-wintonis-yap-proxy-director-chaang-kok-fai-fails-to-approve-quarterly-account-as-chairman-of-audit-committee-shares-to-be-suspended/