This article first appeared in The Edge Financial Daily on October 11, 2019

KUALA LUMPUR: Plastrade Technology Bhd managing director (MD) Tee Yen Chong was removed from the company’s board by shareholders yesterday.

An exchange filing showed the resolution to remove the 44-year-old from the board was unanimously passed by shareholders present at an extraordinary general meeting (EGM), who collectively own 141.21 million shares.

Tee was appointed to the board in May 2017 as executive director before he was redesignated as MD in February 2018. As at April 2019, Tee held 16.49 million shares or an 8.85% stake in Plastrade.

On Aug 16, Plastrade announced its board had decided to suspend Tee from his executive role for two months, pending an internal investigation then. The outcome of the investigation is not publicly known at press time.

However, on Aug 28, an EGM was called by Low Kar Yee, a substantial shareholder holding an 11.27% stake, and Lee Sod Hwa, who owns a 1.88% stake, to remove Tee immediately as a director.

With the passing of the resolution yesterday, Plastrade’s board of directors is reduced to three, comprising chairman Steven Wong and independent non-executive directors Tan Tian Wooi and Lam Kwan Siew.

Another independent non-executive director, Tan Ching Yong, resigned on Aug 29, citing other commitments as the reason.

Shares in Plastrade were not traded yesterday. The stock was last done on Oct 3 at 12 sen, valuing the group at RM21.44 million.