KUALA LUMPUR (June 17): Just a day after the board of Caely Holdings Bhd lodged a police report denouncing the validity of the extraordinary general meeting (EGM) held on Wednesday (June 15), the requisitionists said on Friday (June 17) that they have filed a legal action against Caely to, amongst others, seek a declaration that the EGM was validly held.
The requisitionists — collectively holding at least 10% of Caely — are Leong Seng Wui, Kok Kwang Lim and Valhalla Capital Sdn Bhd.
In a statement issued by Leong, he said the incumbent Caely board had refused to recognise and give effect to the resolutions passed at the EGM.
The requisitionists are also seeking an injunction to restrain the incumbent Caely board from acting and/or holding themselves as directors, pending the determination of the validity of the EGM.
“This includes, but not limited to, approving and making payments whatsoever unless such payments are made for purposes of Caely's ordinary course of business and day-to-day operations, appointing any additional directors to fill any casual vacancies, approving and/or executing any private sales, private placements or any other methods and means to dispose of the shares of the company aside from the open market.”
Leong claimed nine directors have been removed from the board, including chairman Datuk Loh Ming Choon, Mohamad Hanafiah Zakaria, Sin Hock Min, Wong Siaw Puie, Ng Mei Choo, Khoo Chen Yeng, 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.
However, the boardroom tussle saw a twist on Friday when Caely retracted the appointment of Mandagie and Sandraruben, citing miscommunication being the reason.
This came after Mandagie, in a strongly worded statement, condemned Caely over a false announcement with Bursa Malaysia regarding his purported appointment as the group’s executive vice chairman, stressing that there were no agreements indicating his acceptance of the appointment.
The requisitionists claimed four new directors have been appointed to the board, namely Leong, Datuk Kang Chez Chiang, Ng Keok Chai and Krishnan Dorairaju.
Caely has been in the spotlight in the past two months after it announced on April 20 that the Malaysian Anti-Corruption Commission had issued a freeze order on all of its bank accounts.
Prior to that, on April 7, the group said it had appointed Virdos Lima Consultancy (M) Sdn Bhd as forensic auditor to carry out an independent forensic audit on allegedly suspicious and irregular transactions at the group, following a tip-off received by one of its directors.
Caely’s share price finished 7.69% or three sen lower at 36 sen, bringing a market capitalisation of RM93 million.
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