REVENUE 0200 REVENUE GROUP BERHAD says suspended directors illegally seized company documents

 REVENUE 0200 REVENUE GROUP BERHAD says suspended directors illegally seized company documents

\KUALA LUMPUR (Jan 5): E-payment solutions provider Revenue Group Bhd said two of its executive directors whose executive functions were suspended on Wednesday (Jan 4) had illegally seized documents belonging to the company.

According to its Bursa Malaysia filing, the board of directors were made aware of the incident that took place after their special meeting on the same day concerning the duo, brothers Brian Ng Shih Chiow and Dino Ng Shih Fang.

“At approximately 4.25pm on the same day, the suspended executive director Ng Shih Fang returned to the office premises with a group of approximately four unknown individuals.

“The unknown individuals were denied entry but forced their way into the office illegally. They have also seized and carted away approximately 30 boxes of documents and items without the permission or clearance from the board of directors or the company.

“The company views this as an illegal forced entry and will lodge a police report on this matter,” said Revenue Group, adding that it has started investigations into the matter and will consult its legal adviser on the next course of action.

“The board of directors wishes to reiterate that its shareholders’ rights are of paramount importance and will use its best endeavour to ensure the shareholders’ rights, including those of the minority shareholders, are protected,” it said.

The executive functions of Brian and Dino, who co-founded the group with managing director and group CEO Datuk Eddie Ng Chee Siong in 2003, were suspended following “certain complaints” against the siblings.

“Following information that [has] been brought to the board of directors’ attention, the board has arrived at the decision to suspend the two executive directors immediately pending investigation,” said Eddie. It should be noted that Eddie has no familial relationship with Brian and Dino.

At the noon break, Revenue Group fell 9.5 sen or 14.07% to 58 sen, giving it a market capitalisation of RM277.62 million. It was the eighth most active stock on Bursa Malaysia with 26.8 million shares traded and was the seventh biggest loser.

http://www.theedgemarkets.com/node/650579