Long story short:
On 30th April, High Court approved and ordered NWP to conduct an EGM on 19th May 2021.
NWP made an announcement acknowledging the court order (link below)
EGM is mooted by shareholders to vote
out the current board of directors for failing to protect interests of
the company and shareholders.
- The existing board is well aware of their impending removal should the new camp secures majority voting.
On 19th May, at the EGM broadcast venue, King of MOU Datuk Chu Boon Tiong
called the police to complain of SOP breach. He also declared the EGM
to be postponed due a proxy form that was said to be “manipulated” and
“fake”. This was after polling results that indicate he has been VOTED OUT, as the new camp won 80-20.
News source: https://www.theedgemarkets.com/article/police-dispersed-nwp-directors-egm-adjourned-after-shareholders-complaint
News source: https://www.sinchew.com.my/content/content_2479467.html
While we shall not comment on the EGM to allow the High Court to deliver its judgement on the results of the EGM, we do have some questions for this King of MOU Datuk CBT:
1) What is the current status of the MOU with Green Rentals Sdn Bhd, where you proclaimed that NWP will be the major supplier of bikes to Grab Riders? Terminated? Cancelled?
2) NWP has been fined with 2 summons by SSM, RM3m each amounting to a total of RM6 million.
How can the company pay up? The company only recorded less than RM1.5m revenue for the last quarter, cash balance of only RM1.4m and available working capital level of approximately RM1.4m.
Is the company going to BORROW to settle this RM6 million fine? How to pay??
3) Dear Datuk CBT, are you attempting to break the Guinness Malaysia Book of Records of The Most Number of MOUs by a PLC in Bursa???
Since the King of MOU entered the board 8 months ago September 2020, NWP has signed MOUs with:
- EZ One Bikers Sdn Bhd
- Green Rentals Sdn Bhd (Grab)
- Hoong Li Development
- Yayasan Keusahawanan Social
- MBP Solutions (TFP Bhd)
- Blackbixon2go Sdn Bhd (Ni Hsin Bhd)
- IOU Pay (Asia) Sdn Bhd
- Mayland Properties
8 MOUs in 8 months!!! Amazing productivity!!! This is only for NWP, not including his MOUs at ITRONIC BHD, TFP BHD etc.
This King of MOU deserves to be nominated for OUTSTANDING DIRECTOR AWARD FOR MOST MOUs SIGNED.
Dear MOU KING Datuk CBT, please grant us answers to the above 3 questions and stop running afoul of the law because shareholders have voted loud and clear and you are OUT as soon as High Court delivers the verdict.
Or you still have a few more MOUs to sign before you leave??