KUALA LUMPUR (Oct 29): Datuk Seri Kee Soon Ling, a former managing director of NWP Holdings Bhd, has passed away due to an illness, according to news reports.
The 48-year-old was also the founder of real estate agency GS Realty Sdn Bhd.
Kee stepped down from NWP’s board in March, following the timber manufacturing firm’s legal actions against him and former independent non-executive director Yew Onn Chong in January.
NWP’s new management had claimed the discovery of a series of fraudulent transactions undertaken by the duo from 2016 to 2021 which caused NWP and its subsidiaries to suffer losses and damages.
The company had also alleged that Kee and Yew permitted or authorised the fraudulent transactions to be recorded and captured in the consolidated financial statements.
NWP was seeking RM6.5 million in damages from the duo, as well as an order barring them from being directors of the group for five years, and to restrain them from exercising the voting rights attached to any NWP shares they own.
Having emerged as a substantial shareholder in May 2016, Kee’s shareholding in NWP was reduced to 6.43% as at Oct 18, from nearly 9% a year ago.
Three months ago, NWP — which has been in the red over the past 16 years — announced plans to venture into the sand dredging business in a bid to expand its revenue stream.