2 Jan 2018, Penang - Casino story and Microlead Precision Technology Sdn Bhd parent company, MQ Technology Bhd, today announced to Bursa Malaysia the resignation of Executive Director Mr Edwin Silvester Das due to his other commitments and responsibilities.
Mr Edwin, 60, was appointed as MQ Technology Bhd on 25 November 2016, replacing another former Executive Director Khoo Hun Sniah on the same day. Khoo Hun Sniah was disclosed in Bursa Malaysia as the brother- in-law of another Executive Director and substantial shareholder of MQ Technology Berhad on material time.
Note: Mr Edwin and Mr Robbie was on the press promoting casino related business prospect. Source: http://www.theedgemarkets.com/article/ananda-krishnan’s-nephew-robbie-appointed-mq-technology-exec-director
On 28 November 2016, MQ Technology Bhd has announced “On behalf of the Board, TA Securities wishes to announce that the Rights Issue of Shares with Warrants has been completed with the listing of 275,274,945 Rights Shares together with 183,516,630 Warrants on the ACE Market of Bursa Sec”.
Subsequently, MQ Technology Bhd had announced series of casino related announcements and press releases, as well as unusual activities including the share sales of substantial shareholders at below Right Issue (RI) subscription price less than a month after RI completion followed by sudden resignation of an Executive Director hours before Bursa announcement of press statement ratification on potential miss information of public statement. Securities Commission has issued warning statement pertaining to such incident.
Source: https://www.thestar.com.my/business/business-news/2016/12/30/sc-wont-hesitate-to-take-action-on-mq-tech-on-breach-of-securities-laws/
Mr Edwin together with few other new directors were supposed to lead the casino story. According to Bursa Malaysia disclosure, Mr. Edwin Silvester Das had a proliferated banking career for more than 25 years, having a distinctive edge of being exposed to banks in markets located locally and abroad. Presently, Edwin Silvester Das is the Managing Director of AL TAYSEER ADVISORY SERVICES, a consulting company with offices in Malaysia, Sri Lanka and Pakistan, engaged in advisory services in the field of banking, risk management, restructuring and international fund management.
The departure of almost all new directors which were appointed and presented the company casino related business and the purchase of a Melacca land with not much progress today has raised authorities and investors eye brows. What is next for MQ Technology Bhd would be interesting, as despite the land and casino spending, the main business is still focus on Microlead Precision Technology Sdn Bhd. According to Bursa and SSM record, Microlead is still under existing management control and having main customers departing from Malaysia business scene, what happended to all the money raised and paid for Microlead? What happended to the Melacca project and casino business? Maybe investors can ask Mr Edwin for his professional consultation on who shall gives the answers if not himself.
Bursa Analysis ZoomFocus
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5653721
Change in Boardroom
| MQ TECHNOLOGY BERHAD |
| Date of change | 02 Jan 2018 |
| Name | MR EDWIN SILVESTER DAS |
| Age | 60 |
| Gender | Male |
| Nationality | Malaysia |
| Designation | Executive Director |
| Directorate | Executive |
| Type of change | Resignation |
| Reason |
Due to his other commitments and responsibilities. |
| Details of any disagreement that he/she has with the Board of Directors | No |
| Whether there are any matters that need to be brought to the attention of shareholders | No |
| Qualifications |
Bachelors of Science Business & Administration Southern Illinois University at Carbondale, USA Graduated on Deans List |
| Working experience and occupation |
Edwin Silvester Das had a proliferated banking career for more than 25 years, having a distinctive edge of being exposed to banks in markets located locally and abroad. Presently, Edwin Silvester Das is the Managing Director of AL TAYSEER ADVISORY SERVICES, a consulting company with offices in Malaysia, Sri Lanka and Pakistan, engaged in advisory services in the field of banking, risk management, restructuring and international fund management. |
| Family relationship with any director and/or major shareholder of the listed issuer |
NIL |
| Any conflict of interests that he/she has with the listed issuer |
NIL |
| Details of any interest in the securities of the listed issuer or its subsidiaries |
NIL |
Announcement Info
| Company Name | MQ TECHNOLOGY BERHAD |
| Stock Name | MQTECH |
| Date Announced | 02 Jan 2018 |
| Category | Change in Boardroom |
| Reference Number |
C03-02012018-00001 |
