16 May 2016: The Wintoni Group Bhd fiasco, started by a team of investors lead by Yap Kok Weng, had brought down the company in both business and minority investors interest. Dubious court cases lead by parties acting in concert with Yap Kok Weng, having paid "more legal fees to hold the lies than their shares value held" is a joke and obvious evidence of bad faith.
It's like holding $100 share value and spend $100,000 for a legal case, and MSWG said "court cases are on-going, I don't want to simply give my views". Yes, correct, what a good excuse. Shall minority investors ask MSWG who funded these legal fees anyway? If these actors did raise MSWG eyebrows, there are plenty of mysterious questions awaits answers on their "defunct attempted assasination", which categorise them as criminals, read here: http://klse.i3investor.com/blogs/butaandsalah/99410.jsp
Quoted in The Sun Daily earlier:
In instances where there are boardroom tussles, Bursa said it will seek to ensure that accurate and comprehensive disclosures are made by the affected listed companies in accordance with the listing requirements.
"We will engage with the affected listed companies and their directors, and where there are breaches of the listing requirements, enforcement actions will be taken," it said.
Asked about the confusion that occurred in Wintoni Group Bhd's boardroom tussle, Bushon declined to comment, citing ongoing lawsuits.
"Court cases are on-going, I don't want to simply give my views. We're watching it, we want to see the developments.
"We don't have investigative powers. If we are unhappy with certain discrepancies, or so on, we'll bring them up to the regulators," she said.
Bushon agreed that when it comes to a boardroom tussle, shareholders might not be able to see the "full picture" and it will lead to difficulty in figuring out which party will work well for the company.
To recap, last September, a group of 10 minority shareholders of Wintoni called for an EGM to remove all board members of the company. Interestingly, all board members resigned ahead of the EGM.
The company immediately appointed new six directors, whereby the minority shareholders claimed it had breached the rules. Of course, the minority shareholders nominated three new directors of their own.
Wintoni said the EGM was no longer valid because all board members resigned before the EGM, but minority shareholders insisted on proceeding with the EGM, whereby the resolutions to appoint the three new directors were passed. So now, Wintoni has "two boards", which do not recognise each other.
Bursa said it monitored developments closely and engaged directly with the company to see that timely disclosures were made.
"While the action taken by the board went against the wishes of shareholders, Wintoni was found not to have violated the Companies Act 1965 and the listing requirements," it stressed.
The Securities Commission, however, did not respond to queries on the corporate governance issue.
Investors most concern is the dubious illegal hostile of Yap Kok Weng and parties acting in concert, which caused the company and the minority investors to suffer. An obvious and direct evidence the market is waiting for an answer. Yet, the investigation status on the culprits (Yap Kok Weng and parties acting in concert) were left un known, the company were reportedly being "further blackmailed" with no apparent assistance nor given clear answers by the authority, as if "certain officers" in Bursa Malaysia and Securities Commission were suspected acting in concert with the conspiracy parties which are acting in concert to break the law using illegal hostile!? The proofs are bizarre if linked up together.
If The Securities Commission "did not respond to queries", MSWG silat the queries to Securities Commission and back and forward, what is the purpose of MSWG anyway? If these "machineries were indeed for sale", at least looks/sounds like, and used by the culprits directly or indirectly for dubious purposes, who shall watch over their corporate governance then?
B/S Report
Source: http://www.thesundaily.my/news/1802782
Corporate governance intact despite rise in boardroom tussles
PETALING JAYA: While there has been an increase in the number of boardroom tussles in the corporate scene in the last couple of years, Bursa Malaysia and the Minority Shareholder Watchdog Group (MSWG) opined that the corporate governance level in the country remains intact.
MSWG CEO Rita Benoy Bushon believes that the rules and regulations are quite robust in Malaysia.
"In Malaysia, we're very good at related party transactions, some of the corporate governance regimes are quite robust. As a regulator, you have your own view on how you want to put regulations because you don't want to be over-regulated (as) it curbs activities and growth,"she told SunBiz.
Bushon is of the view that boardroom tussles are not something "exceptional" and are "allowable".
"From the shareholder's side, it's a normal process. Sometimes the tussle can be healthy because of issues of governance internally. You want to have new directors because the company has not performed (well) or governance was a concern.
"I have my capital in the company and if I am not happy with the company's management and board, I can call for an EGM for the people to vote for me. That is something acceptable," Bushon said.
Meanwhile, Bursa Malaysia in a reply email said it is important to recognise that some boardroom tussles involve the exercise of one of the most fundamental shareholder rights which is the ability to remove and replace directors.
It noted that the exercise of such a right is an indication of rising sophistication of shareholders, including minority shareholders, with regard to the directorship of a company.
In instances where there are boardroom tussles, Bursa said it will seek to ensure that accurate and comprehensive disclosures are made by the affected listed companies in accordance with the listing requirements.
"We will engage with the affected listed companies and their directors, and where there are breaches of the listing requirements, enforcement actions will be taken," it said.
Asked about the confusion that occurred in Wintoni Group Bhd's boardroom tussle, Bushon declined to comment, citing ongoing lawsuits.
"Court cases are on-going, I don't want to simply give my views. We're watching it, we want to see the developments.
"We don't have investigative powers. If we are unhappy with certain discrepancies, or so on, we'll bring them up to the regulators," she said.
Bushon agreed that when it comes to a boardroom tussle, shareholders might not be able to see the "full picture" and it will lead to difficulty in figuring out which party will work well for the company.
To recap, last September, a group of 10 minority shareholders of Wintoni called for an EGM to remove all board members of the company. Interestingly, all board members resigned ahead of the EGM.
The company immediately appointed new six directors, whereby the minority shareholders claimed it had breached the rules. Of course, the minority shareholders nominated three new directors of their own.
Wintoni said the EGM was no longer valid because all board members resigned before the EGM, but minority shareholders insisted on proceeding with the EGM, whereby the resolutions to appoint the three new directors were passed. So now, Wintoni has "two boards", which do not recognise each other.
Bursa said it monitored developments closely and engaged directly with the company to see that timely disclosures were made.
"While the action taken by the board went against the wishes of shareholders, Wintoni was found not to have violated the Companies Act 1965 and the listing requirements," it stressed.
The Securities Commission, however, did not respond to queries on the corporate governance issue.
scwatch2
MATERIAL LITIGATION WINTONI GROUP BERHAD (THE COMPANY or WINTONI) INVOLVEMENT IN LITIGATION KUALA LUMPUR HIGH COURT SUMMONS NO: 22-NCC-273-09/2015
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4878369
Yap Kok Weng
Gan Ber Koon
Low Thiam Chin
Soh Hee Pin
Lim Eng Tiong
Thum Kok Mun
Ng Giap Sheng
Lau Cheh Chai
Tan Chon Hoo @ Tan Choon Hoo
Pau Siew Kee
Tan Tze Fong
Sze See Chuen
Lee Chin Chow
Tan Bee Kheng
Tan Choon Kee
Lou Ai Chou
Tan Choon Yean
Wong Choe Kong
Tan Kwee Hong @ Tan Kwee Lian
Pau Shian Hai
Ngan Bee Poh
Chang Khim Wah
Tang Pei Ee
Ong Yew Leng
Sun Chu Thiam @ Soon Chu Thiam
Tan Sau Mooi
Loh Khee Feei
Kang Choon Leu @ Kang Chee Sim
Khow Eng Guan
Thean Lip Chong
Quah Joo Leng
Credit Industriale et Commercial
Quah Keat Kar @ Kuah Kiat Ka
Koh Wei Sheng
Lai Siew Thai @ Lai Siew Ti
Chong Voon Ying
Koh Wei Thong
Koh Siang Siang
Wong Tuck Kuan
More to come...
When are these culprits interview by SC going to report to public? Are they still holding shares and acting in concert being prosecuted? What other shares they manipulated and broke the law all the way by pass Securities Commission radar? These leaves Wintoni minorities - those real clueless minorities angry and puzzled.
2016-12-08 23:40