Friday 29 Mar 2024
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KUALA LUMPUR (May 30): Stone Master Corp Bhd's managing director (MD) Datuk Koh Mui Tee said he still possesses executive power over the operation of the company, after the company renounced an extraordinary general meeting (EGM) convened earlier today to oust him from the board of directors.

The meeting, called by the company's two largest shareholders Datuk Karen Lee Fong Yin and Datuk Eii Ching Siew, was declared invalid by Stone Master in a Bursa Malaysia filing. Koh attended the EGM but walked out after informing the same to some 30 individuals gathered for the meeting.

Subsequently, he told reporters that he remains the MD and that it will be business as usual at Stone Master.

"We have informed Bursa Malaysia that the meeting is invalid, so both Datuk Lee Hwa Cheng and me will continue to go to our office tomorrow," he said.

The EGM, which seek to remove both Koh and Hwa Cheng and appoint eight new directors to Stone Master's board, was seen attended by large number of security personnel. The media was denied entry into the EGM, but raised voices were heard from the outside.

"This morning's meeting has been convened in a most uncivil [manner] and is not in compliance with the law. Whatever happened there has been chaotic and disorganised. Our properly appointed scrutineer has not been allowed to enter the meeting," Koh said.

"The company must appoint scrutineer to verify the attendants, [to determine] whether he or she is a shareholder or proxy. So if nobody is there to properly ensure the attendees' [identities] and file the attendance list to the company secretary, we have great doubts as to who attended and the respective shareholdings they reported to the company secretary," he added.

Therefore, Koh said the legality of the meeting has fallen into serious doubt.

"As our confirmation with our company secretary, the registry of depository doesn't contain CDS (central depository and settlement) record and IC (identity card) number, so there is no way the personnel at the registration department could verify that whoever attended the meeting was whoever they claimed to be," he explained.

 

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