KUALA LUMPUR (Nov 28): Tey Por Yee, who was ousted from Protasco Bhd’s board yesterday, failed to remove the company's Managing Director Datuk Seri Chong Ket Pen from his position.

In an extraordinary general meeting (EGM) today, shareholders of Protasco had voted against the resolution to remove Chong from the board.

The poll results of the EGM showed only 18 million shares of votes cast were in favour of the proposed resolutions to remove Chong, while 141.14 million shares or 88.67% voted against.

The EGM was requisitioned by Tey, who holds about 17% stake in the engineering firm.

Today, Tey has once again walked out from the EGM, as he was "surprised" to note Tan Sri Hadenan Abdul Jalil was intending to chair the meeting.

Questioning the credibility of Hadenan, Tey said in a statement that a motion to recuse Hadenan as chairman for this meeting, was rejected and refused to put this recusal motion to the floor for a vote.

This has prompted several minority shareholders and Tey to walk out from the meeting.

"I strongly believe our protest walk out was justified, as the events that transpired had turned the EGM into a farce. I am currently considering my options," he added.

On another side, Chong reiterated the company’s immediate priority is to recover the US$27 million in monies paid by it, for a botched investment in an Indonesian oil and gas play.

"Thanks God that I am still staying as a director in the company," said Chong.