Revenue Group’s Ng brothers refute allegations in relation to non-delivery of goods, ownership of vehicle

Friday 26 Apr 2024

KUALA LUMPUR (Jan 17): Revenue Group Bhd’s founding brothers Brian Ng Shih Chiow and Dino Ng Shih Fang have refuted allegations in the announcements by the company to Bursa Malaysia on Jan 4 and 5.

This came a day after Brian, who is the largest single shareholder of the e-payment solution provider with an 11.637% stake, served a notice of requisition to the group to call for an extraordinary general meeting to remove its current board of directors, save for him and Dino, who is the group’s second-largest shareholder with an 11.44% stake.

The nine current directors he wants removed are: chairman Nor Azzam Abdul Jalil, managing director-cum-alternative chairman Datuk Eddie Ng Chee Siong, Ng Chee Keong, Lai Wei Keat, Loo Jo Anne, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal, Ooi Guan Hoe and Tham Sai Cheong.

In a joint statement on Tuesday (Jan 17), the brothers refuted the allegations made against them in relation to non-delivery of thermal paper rolls and refusal to transfer the ownership of a vehicle (Toyota Vellfire — BPR 3108) to the company.

Brian further clarified that he had been accused of making payments to Safety & Bullet Film Sdn Bhd (SBF) purportedly for the purchase of thermal paper rolls, which were not supplied by SBF at any given time.

“There are invoices and delivery orders for the supply of thermal rolls, which would show that they were indeed delivered, but the said letter was made without referring to any details whatsoever, such as the date of the invoice, the invoice number, the purchased quantity, the payment amount, etc.

“A day after the said letter, which was Dec 30, 2022, I wrote to the company seeking clarification of the details of the transaction(s), and at the same time requesting an extension of time for me to explain the matter.

“The deadline imposed by the company for my response, which was Jan 3, 2023, was unreasonable, given that it was the year-end holiday season,” he said.

Brian said while he had not received any response from the letter seeking clarification from the company on Dec 30, he stressed that he alone does not have the authority to approve any payment on behalf of the company.

He said that based on past practice, MD Eddie and himself jointly approved payments for purchases of thermal paper rolls.

“As such, the same letter of request seeking an explanation should also be issued to Eddie Ng,” said Brian.

Meanwhile, Dino said it came as a surprise that the company had requested for the transfer of ownership of the car, which was a lucky draw gift from CIMB Bank Bhd in 2018.

“In order to save money on the road tax, which would be double the cost if the car was registered under the company’s name, the company had agreed to register the car in my name for company use. Insofar as I know and to the best of my knowledge, the company has never requested that I transfer the ownership of this car during the past four years until the said letter dated Dec 29, 2022,” he said, adding that the company had yet to response his letter seeking clarification dated Jan 3.

The Ng brothers said that despite their letters, they were suspended from executive function in the company during a special board meeting on Jan 4.

They said the two allegations made against them were “trivial, baseless and malicious”, and intended to tarnish their reputations for an “ulterior motive”.

“We are seeking legal redress, and we always reserve our rights. For the avoidance of doubt, as of today (Tuesday), Jan 17, 2023, we have not been served a formal suspension letter over our executive function.”

Meanwhile, the brothers also addressed the company’s Jan 5 announcement to Bursa in relation to the alleged incident of illegal entry and seizure of documents and items belonging to the company.

“As we were barred from entering the company’s premises, the six company staff members were the ones that moved and transferred the boxes, and Dino Ng was standing inside the company’s gate,” they added.

They said since Revenue Group is an information technology-based company, all company documents and important data that were under their purview were safely stored and uploaded to the cloud.

“We are law-abiding citizens who will not breach any laws or regulations, let alone inflict, harm or cause damage to the company in which we are substantial shareholders,” they added.

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