KUALA LUMPUR (June 16): The board of directors of Caely Holdings Bhd has lodged a police report on Thursday (June 16) against the requisitionists — namely Leong Seng Hui, Kok Kwang Lim and Valhalla Capital Sdn Bhd — who had called for an extraordinary general meeting (EGM) on Wednesday (June 15).
Speaking at a media briefing on Thursday (June 16), Caely’s chairman Datuk Loh Ming Choon clarified that the EGM conducted on Wednesday was illegal and invalid, while stressing that nine directors were not removed from the board.
Alleging that the requisitionists had committed serious wrongdoing, Loh said the move to proceed with the EGM was sub judice and akin to contempt of court.
According to him, the trio, which is battling an ongoing litigation case, is expected to face a hearing in the Kuala Lumpur High Court on July 15.
“The requisitionists, by right, need to finish their hearing in the High Court on July 15 before they can call for any meetings or EGM. So yesterday’s EGM was indeed in contempt of court.
“The nine directors are still the board members of the group and whatever news release reported yesterday was inaccurate.
“Tomorrow (June 17), the board of directors will lodge the report to the authorities, namely the Bursa Malaysia and Securities Commission Malaysia (SC),” he added.
To recap, the trio — who collectively hold at least 10% stake in the group — made their first attempt to call for an EGM to remove the existing board members in February this year.
On March 16, Caely commenced a lawsuit at the Kuala Lumpur High Court against the trio as well as five others in a challenge against their voting rights and the nomination of themselves or nominees at an EGM.
On March 18, the trio filed a lawsuit against Caely to declare that they were entitled to call and hold an EGM subject to any protocol or requirement as determined by the court to ensure a fair and smooth running of the EGM.
Two months later on May 19, the trio requested for another EGM to discuss various issues, including the removal of newly appointed executive chairman Wong Siaw Puie and six other existing directors.
On Wednesday, a statement issued by Leong claimed that nine Caely board members have been removed, including Loh, Mohamad Hanafiah Zakaria, Sin Hock Min, Wong Siaw Puie, Ng Mei Choo, Khoo Chen Yeng and Koh Mui Tee.
Two new board members — executive vice chairman Datuk Jovian Mandagie and independent director Sandraruben Neelamagham — who were appointed before the EGM have also been removed. Jovian is the son-in-law of Prime Minister Datuk Seri Ismail Sabri Yaakob.
Only one existing director Datin Fong Nyok Yoon remains on the board.
Caely has been in the spotlight in the past two months after the Malaysian Anti-Corruption Commission issued a freeze order on all of its bank accounts in April.
On Monday, Caely announced that its auditor Virdos Lima Consultancy (M) Sdn Bhd could not continue with its forensic audit as critical information was not available.
Shares in Caely finished 3.5 sen or 8.24% lower at 39 sen on Thursday, giving it a market capitalisation of RM100.71 million.