The situation at the Main-Market listed e-payment solutions provider also got murkier after the company announced it will hold two separate extraordinary general meetings (EGMs) virtually on Feb 17.
“The company wishes to clarify that its business and operation are not affected by (the) Malaysian Anti-Corruption Commission’s arrest (of) the two directors as they have been suspended from their executive function earlier on,” Revenue Group said in a filing with Bursa Malaysia last Friday.
The company issued the clarification in response to queries received from its stakeholders on a news report that two Revenue Group directors and a director of another company were detained for allegedly making false claims over the purchase of thermal printing paper.
The news report quoted MACC senior director Hishamuddin Hashim as confirming the suspects were detained after giving their statements at the MACC headquarters on Jan 25.
On Jan 4, the company announced that executive directors and brothers Brian Ng Shih Chiow and Dino Ng Shih Fang have been suspended with immediate effect pending further investigation over certain complaints against them.
The company later claimed the brothers illegally entered the company’s offices and seized 30 boxes of documents. It then announced a police report will be lodged against the brothers over the incident.
The duo, who are collectively the company’s largest shareholding bloc with 23.37%, had earlier called for an extraordinary general meeting (EGM) to remove certain directors from the board. They claimed the board maliciously used the media and Bursa platforms to tarnish their image since announcing their suspension.
In separate filings with Bursa Malaysia last Friday, Revenue Group said it will hold two separate EGMs virtually on Feb 17.
The first EGM at 10am will vote on the current board’s resolution to remove Brian and Dino as directors of the group.
The second EGM at 4pm was requisitioned by Brian to remove nine members of the current board.
They are executive chairman Nor Azzam Abdul Jalil, managing director Eddie Ng Chee Seong, executive directors Lai Wei Keat and Ooi Guan Hoe, and independent non-executive directors Ng Chee Keong, Loo Jo Anne, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong.
At 4.30pm today, its share price fell 4.5 sen or 7.26% to 58 sen, giving it a market capitalisation of RM274.9 million.