KUALA LUMPUR (Dec 20): Three GIIB Holdings Bhd shareholders, who collectively own more than 10% of shares in the group, have requisitioned an extraordinary general meeting (EGM) to be convened to remove Wong Weng Yew as director.
The shareholders are Tai Boon Wee, Wong Ping Kiong and Teng Pik Sun.
Tai has been the rubber compound provider's executive chairman and chief executive officer since Feb 17 last year, while Ping Kiong was appointed as executive director in August this year.
According to GIIB's latest annual report, Tai owned a 9.4% direct stake in GIIB, with an indirect shareholding of 3.6% as of Oct 20, while Wong owned a 1.2% direct stake and Teng had 1.69%.
Weng Yew, whom the trio are seeking to remove, is a non-executive director and owns a 6.1% stake in the rubber compound manufacturer.
Formerly an executive director of the company, Wong was suspended from his ED role from March 28 to facilitate investigations into his management and handling of the group’s glove business and accounts, and subsequently terminated on May 19.
On the same day, Weng Yew sued GIIB and four others — Tai, Tai's sons Tai Qiyao and Tai Qisheng, as well as Ping Kiong — alleging the company had breached listing requirements and flagged certain transactions as suspicious, while seeking a declaration that his suspension and termination as ED was null and void.
A week later, GIIB announced Weng Yew had been redesignated as its non-executive director.
But shortly after, GIIB filed a suit against Weng Yew and six other defendants for conspiracy to injure the company and breach of fiduciary duties. In the suit, which is ongoing, it seeks damages in the sum of RM103.58 million from the defendants, and any other reliefs deemed fit by the court. It also initiated a forensic investigation into the allegations raised by Weng Yew.
Weng Yew, meanwhile, dropped his suit against the company and the four individuals in August.
On Oct 21, GIIB announced that Ferrier Hodgson MH Sdn Bhd, who undertook the probe, found no fraudulent transactions or any misconduct by GIIB in the suspected transactions alleged by Weng Yew.
Shares of GIIB were trading unchanged at 8.5 sen apiece as of press time on Tuesday (Dec 20), valuing the group RM50.26 million.