Yes, everybody shall be aware of bad management. This company needed to gain back credibility. In 2016, Larry Tey who had resigned was accused of wrongdoing and brought suit against him by Protasco and Iretex management, although he was proven either not guilty or suit was withdrawn later on, red flag was raised by security commission in 2016, damage is done. Then, Nexgram and R&A group founder wanted to change board of R&A in July 2017, this send out signal of distrust to previous board, another way of indicating something amiss. In Dec 2017, new board Lim Siang Chai stated the company expected to turn around by FY 19, but in July 2018, suddenly Nexgram announced internal restructuring. However, for the first three quarters, the EPS seems to be on right track, hopefully, it is the first step to fulfill the promise and can slowly gain respect and credibility from investment community. In Jan 2019, it announced to dispose tower at loss to improve cash flow which is still in line with purpose stated in Dec 2017. That is my 2 cent advice for this company who is trading at 2 cent.

Nobody is bothering about this direct marketing company, even the overview in this forum is wrong, obviously the background say it is Canadian National Railway and dealing with railway business. LOL

It is a classical example of tussle between the evil and less evil. It is a case of using the company to advance self interest. Looking at the suit, it is an analogy of one using the gun to fire at his own leg. Does it make senses to do that, I mean a company file a lawsuit against the owner of company? It is a classical abuse of court process to advance self interest when the owner of company want to replace legally appointed executive directors which can be removed through certain procedure in the contract. Because of technical issue in the procedure of EGM, the directors used his current executive power as the result of court award's sentence to purposely drag the name of company and cause the market worth of the company to tank because he did not do a proper job. Come on, this payment of interest can be done much much earlier before even Cosmo called for EGM.

Yes, this is the clear abuse of court to advance self interest in the name of company.

I was very surprised the share price drop so much for this technical event of default. When i read the trust deed stated in 4434.pdf, the remedy that will be taken by Trustee is to enforce payment of interest which the company is alredy going to pay by July 12. In other words, this event of default is technical in nature and not material in nature.

I would not think Elite Cosmo Group Ltd would buy iretex if it is worthless and take the trouble to call this EGM. My personal opinion is there will be more story to develop but eventually it will explain who are Elite Cosmo and Bluechip and their intention of buying the shares. Hopefully, good will win over the evil.

It is funny. Why drop the suit against Teh Eng Huat? I saw the news on Teh Eng Huat in this blog.
https://serialconman.wordpress.com/2016/12/16/teh-eng-huat-serial-con-man/