KUALA LUMPUR (Oct 2): It was not long after Tan Sri Mohamed Azman Yahya stepped down as the executive chairman of Symphony Life Bhd (SLB) in April that trouble started brewing at the company.

Previously known as Bolton Bhd, SLB is one of the oldest property developers in Malaysia.

Azman Yahya sold his shares in SLB in two blocks to Johor-based Muar Ban Lee Group Bhd (MBL) in April and August respectively.

A boardroom tussle broke out publicly on Aug 25, when MBL called for an extraordinary general meeting (EGM) to remove three directors, namely Shannon Ng Ying Yiing, Loi Chee Fong and Tony Teo Chiah Chyi, replacing them with Datuk Chua Heok Wee, Tan Sri Tan Khoon Hai and Teh Eng Aun.

About a week later, Ng and Loi resigned, whereas Chua, Tan and Teh were successfully appointed as directors.

At the same time, there is a shareholder feud between SLB group chief executive officer (CEO) Chin Jit Pyng and former adviser Datuk David Goh, with both sides accusing each other of wrongdoing.

BDO was hired to look into allegations against Chin regarding non-compliance with SLB’s procedures for the appointment of external sales agents and a possible conflict of interest.

Meanwhile, EY was hired to investigate Ng, who was accused of buying Cycle & Carriage Bintang Bhd (CCB) shares without the approval of the board and Chin.

As it is, MBL seems to be in Chin’s corner. Is it game over for Goh?

In the latest issue of The Edge Malaysia weekly, we spoke to Chin, Tan and Goh to get answers.

Get the full story in the Oct 4 issue of The Edge Malaysia.

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