Dear fellow i3 commentators and bloggers,
I did not expect this turn of event but since it had happen, I would like to forewarn to be forearmed those fall into category of unlicensed advisors please protect your blog sharing with disclaimer:
I feel obliged and take responsible to disclose my email exchange in full.
Dear Mr. Lee,
In regards to the AGM, the Key Matters Discussed/Q&A have already been uploaded to our website.
We have responded to you via Email on 17 September 2020 in regards to your pre-submitted AGM questions. To re-iterate, the company will not respond to matters which are confidential, price sensitive, irrelevant, beyond the scope of shareholder communication, and which the company is not obligated to answer.
We also noted from your emails that you have made frequent reference to and left your own remarks/comments on the https://klse.i3investor.com/servlets/stk/4723.jsp forum based on our responses provided to you.
Upon our further checks on the said forum, we noted that certain selected parts of our responses have been uploaded and posted on to the forum. We are concern in reading the posts in the forum as these may lead to misinterpretation, misleading statements and confusion amongst the readers, as these responses may have been modified and/or selectively posted on the forum (some responses from the company which were selectively posted may potentially lead to other meanings/interpretations as compared to the message that the company is conveying in its original full responses). There seems to be no accountability and boundaries of what is said in the forum by certain parties, some perhaps with ulterior motives. As this forum is not regulated by any authorities , we are concern that this may lead to investors taking advice from unlicensed advisors and be subject to manipulation which may result in these investors losing money.
As you have lodged a complaint with Bursa and the SC, we would also like to highlight this issue and urge the authorities to look into this matter.
Thank you for informing me that the JAKS 18th AGM, the Key Matters Discussed/Q&A have already been uploaded to JAKS website.
By the way, I welcome SC and Bursa to look into my comments at https://klse.i3investor.com/servlets/stk/4723.jsp and judge whether am I selectively posted some responses from the company with potentially lead to other meanings/interpretations as compared to the message that the company is conveying in its original full response?
As of your insertion that there seems to be no accountability and boundaries of what is said in the forum by certain parties, some perhaps with ulterior motives. As this forum is not regulated by any authorities, we are concerned that this may lead to investors taking advice from unlicensed advisors and be subject to manipulation which may result in these investors losing money.
May I suggest if you are really concerned should you take action in policing the forum and report those unlicensed advisors to SC for action to be taken against them?
Talking about regulation by authorities and accountability, as a minority shareholder I exercise shareholder’s right to hold the Board accountable and responsible for the running of our company and posted my legitimate/lawful AGM questions to the Board. But alas it was the Board with something to hide using reasons only known to them to avoid answering the hard/probing questions with unsubstantiated excuses:
Not all of your questions were adequately answered it is because those questions fall into either of the following reasons:-
in answering the questions, it would not result in a fair and orderly dissemination of information to the market as required under the Bursa listing rules;
confidential and/or price sensitive in nature;
involves speculation or matters that cannot be ascertained accurately;
beyond the scope of shareholder communication;
Inappropriate, unreasonable, or irrelevant and hence the Company is not obligated to answer the question; or
Inaccurate interpretation or misunderstanding of the facts and matters and hence does not warrant a response from the Company.
I attach the JAKS 18th AGM key matter discussed published at JAKS website and my questions submitted in advance for the upcoming JAKS 18th AGM. Please tell me which of my questions fall into your above reasons
Dear SC and Bursa,
I would like to make an official complaint on JAKS 18th AGM and EGM did not comply with SC Corporate Governance practices:
Non-complied 1: Did not forward the replies to my AGM questions once it is cleared by Management as promise by Company Secretary
Non-complied 2: Did not answers my submitted in advance questions for JAKS 18th AGM during the online AGM
Non-complied 3: Using their own rule and judgment that many of my questions fall into either of the following reasons to avoid answering my legitimate/lawful AGM questions
Non-complied 4: Send me a copy JAKS response to my EGM queries in full one day before the online EGM but did not read out my questions and Board response during the EGM Q&A session hence denial me the chance to communicate my dissenting view to the attending shareholders before voting on EGM resolution.
Where SC and Bursa encourage shareholders to be prepared and participate effectively at an Annual General Meeting (AGM) with CORPORATE GOVERNANCE CHECKLIST FOR SHAREHOLDERS.
Sadly in saying so, I have done what is possible of me as a minority shareholder following the checklist and trying to participate effectively and meaningfully at JAKS 18th AGM but to no avail.
Should SC and Bursa now come out with CORPORATE GOVERNANCE CHECKLIST FOR BOD so that BOD can participate effectively and transparently at AGM?
There seems to be no accountability and responsibility of what BOD with ulterior motive can do, hide or said during the AGM, previously with a copy of AGM minutes (luckily the Company Secretary did a wonderful job in writing down questions and answers from shareholders, the Board and external auditor during the AGM) I make complaint to BURSA and SC that BOD of CSL and Xingquan were lying thro’ their teeth with impunity at AGM with intention to cover up wrongdoing and fraud. I am thankful to SC and Bursa based on the AGM minutes call up the external auditor of CSL and Xingquan for questioning, the rest is history on what happens with CSL and Xingquan.
SC and Bursa are the regulatory authorities of the financial market and I am appealing to SC and Bursa to use this authority to compel the Board and external auditor of JAKS to answer in full my legitimate/lawful questions submitted in advance of AGM.
Thank you. Have a good day
Lee Soon Sheng