In a Bursa Malaysia filing today, the group said Eddie’s resignation, effective yesterday, was due to “personal matters”.
The filing also added that he had “no disagreement” with the board of directors.
His shock resignation came after he disposed all his shares, representing 5.26% of the total issued share capital, in an off-market transaction on Monday. Eddie, 50, thus ceased to be a shareholder of the group.
Interesting, his resignation was effective the same day that two co-founders of Revenue Group were charged in the sessions court for fraudulent disposal of a company asset five years ago.
Dino Ng, 47, and his brother, Brian Ng, 50, pleaded not guilty yesterday. The charge under Section 403 of the Penal Code carries a jail term of six months to five years, whipping and a fine on conviction.
They are accused of fraudulently causing a bank officer to dispose of a Toyota Vellfire without the approval of the company’s board of directors. The car ownership was allegedly transferred to Dino.
The court fixed April 14 for mention of the case.
The Ng brothers had been suspended as executive directors in January after several complaints were lodged against them.
Dino currently holds the majority stake at 85.38 million shares or 17.71%, after 55.5 million shares (11.51%) were transferred from Brian on Feb 14, 2023.
Boardroom merry-go-round
There has been a spate of resignations and new appointments to the board recently that it is hard even for investors to keep track of the appointments.
On the same day the Ng brothers were charged, two independent non-executive directors – Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong – resigned after three other executives Lai Wei Keat, Ooi Guan Hoe and Loo Jo Anne had quit on March 3.
Just a day earlier (March 13), the group announced the appointment of five new directors to its board, including its new chief financial officer Ng Kuan Horng.
Teh Chee Hoe was appointed as the executive director while the other four independent, non-executive directors were Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.
The company’s share price closed 0.5 sen or 1.43% lower at 34.5 sen today, giving it a market capitalisation of RM166 million.