KUALA LUMPUR (Aug 5): Asia Media Group’s ousted non-executive director Paul Jong Jun Hian claims his signature was forged on a directors’ circular resolutions (DCR).
In one of the four separate filings with Bursa Malaysia this evening, Asia Media said it received a copy of police report lodged by Jong, who has also been removed in July, alleging his signature was forged on a DCR to approve the release of the first announcement with regards to the group being categorised as a Practice Note 17 (PN17) company.
In view of the police report, Asia Media’s current board clarifies that the first announcement was made, after the majority four out of seven directors signed on the DCR to approve the release of the said first announcement. Subsequently, all four directors who had signed on the DCR, were voted out by shareholders in the EGM held on July 25.
Meanwhile, Asia Media’s board of directors and management are applying for a court order to compel access to its office premises, as well as to gain access to all relevant company documents.
In a separate filings this evening, Asia Media, whose business pertains to transit TV network and advertising, said its management is now in the process of securing a new rental office premises, within the vicinity of Klang Valley.
On Thursday (Aug 1), Asia Media said its directors and management were denied access to the company’s office premises by former directors and management. Consequently, this resulted in the delay of publishing its annual report for the financial year ended Dec 31, 2018 (FY18).
Asia Media said its current directors and management are not able to obtain relevant documents related to the FY18 annual report.
In today’s filing, the company said that the Aug 2, 2019 deadline to submit its FY18 annual report was committed to by previous directors and management, who have since been removed at the extraordinary general meeting (EGM) on July 25.
“In view of the recent change of directors of the company, resolved at the EGM held on July 25, 2019, the current board of directors and management are in the midst of discussion with the auditors on the audit progress of the outstanding FY18 annual report,” it said.
In the EGM, the group’s shareholders voted to remove five directors, namely Chow Zee Neng, Datuk Wong Shee Kai, Ong Kar Kian, Jong, and Ong Chooi Lee.
Shareholders then approved the appointment of four new directors for replacement, namely Datuk Prof Raja Munir Shah Raja Mustapha, Yap Ping Tiong, Datuk Kang Hua Keong, and Datuk Chiw Tiang Chai.
Asia Media revealed today that it received a letter from former director Kar Kian, alleging the group had made a false and misleading announcement on Thursday (Aug 1), as the group was never a tenant of the office premises which the incumbent directors and management were denied access.
Kar Kian’s letter mentioned that the tenancy of the said premises was only signed by Asia Media Sdn Bhd, which is wholly-owned by Asia Media. The tenancy had expired on Dec 31 last year, but was extended six months to the end of June this year.
However, Asia Media said it only received the tenancy termination letter on Friday (Aug 2), despite Kar Kian alleging that the premises’ landlord had issued the letter on July 1, and another reminder dated July 31, stating July 15 as deadline to vacate the premises.
On July 24, Asia Media announced to Bursa Malaysia that it had triggered the PN17 criteria, after it lost its contract with bus operators in both Klang Valley and Johor, which resulted in the loss of its major business, as the group was unable to continue to operate its transit TV network and advertising business.
Trading of Asia Media’s shares has been suspended since May 9, 2019.