He sold his SLB shares in two blocks, in April and August, to Johor-based Muar Ban Lee Group Bhd (MBL).Ī boardroom tussle became public knowledge on Aug 25, when MBL called for an extraordinary general meeting to remove three directors - Shannon Ng Ying Yiing, Loi Chee Fong and Tony Teo Chiah Chyi - and replace them with Datuk Chua Heok Wee, Tan Sri Tan Khoon Hai and Teh Eng Aun. Trouble started brewing in SLB after Tan Sri Mohamed Azman Yahya stepped down as the group’s executive chairman in April. Symphony Life Bhd (SLB), one of the oldest property developers in Malaysia, made the headlines between August and October this year, thanks to a clash between its CEO Chin Jit Pyng and former adviser Datuk David Goh Hock Choy, with both of them accusing each other of wrongdoing. Symphony Life Bhd CEO Datuk David Goh Hock Choy Will Abdul Karim be able to solve the mess the company is in or will it falter and sink into oblivion? - By Jose Barrock The latest issue is a default on the coupon payment for a US$222.22 million (RM939.77 million) sukuk, which may have greater repercussions down the road.Īs the legal wrangling continues, Serba Dinamik has not been able to file its annual report. While Abdul Karim and other Serba Dinamik officials have time and again denied any misconduct, the downward spiral at the company has been swift, with problems piling up. Securities Commission Malaysia raided the offices of Serba Dinamik in May, and while the regulator has not really said much, it has not absolved Abdul Karim or the management of the company of any wrongdoing. ![]() At the time of its suspension, Serba Dinamik’s market capitalisation had plummeted to RM1.3 billion, down from RM6 billion in its heyday. Making things worse for minority shareholders, Bursa Malaysia suspended the trading of Serba Dinamik’s securities when the company refused to make public the findings of the special independent review. To recap, Serba Dinamik’s original auditor KPMG flagged what it alleged was more than RM4.54 billion in questionable transactions in May this year and resigned the following month after the company initiated legal proceedings against the audit firm.Īs if suing its auditor was not bad enough, Serba Dinamik also sought legal redress against regulator Bursa Malaysia Securities Bhd and Ernst & Young Consulting Sdn Bhd, which undertook a special independent review on KPMG’s findings. What appears to be a negative perception of Abdul Karim comes on the back of accounting issues at oil and gas outfit Serba Dinamik Holdings Bhd, where he is managing director, CEO and its largest shareholder, with a 21.22% equity interest. Managing director and CEO of Serba Dinamik Holdings BhdĮarlier this month, when Datuk Mohd Abdul Karim Abdullah resigned as KPower Bhd’s non-independent non-executive chairman, the company’s share price surged 36.59%, or 15 sen, to hit a high of 56 sen. (Photo by Kenny Yap/The Edge) Datuk Mohd Abdul Karim Abdullah It remains to be seen whether Gan will be caught and compelled to face his sentence and appeal in 2022. The SC has put out notices asking members of the public with any information on Gan’s whereabouts to inform the authorities. The court allowed only one month and fixed Jan 25 for the hearing of the appeal, with or without Gan. Later, SC deputy public prosecutor (DPP) Shoba Venu Gobal informed Justice Mohamed Zaini that the authorities had not been successful in executing the warrant of arrest and were seeking another two months from the court before enforcing Section 314 of the Criminal Procedure Code (CPC). ![]() The court subsequently issued a warrant of arrest against him for non-attendance. ![]() However, when the case turned up for mention before Justice Mohd Zaini Mazlan, the public prosecutor with the Securities Commission Malaysia (SC) informed the judge that Gan had gone overseas, according to immigration records. The misleading statement on the group’s revenue amounted to more than RM333 million in fictitious sales. ![]() In the midst of an appeal against his one-day jail sentence and RM2.5 million fine, Transmile Group Bhd founder Gan Boon Aun fled the country without serving his sentence.Ī controversial figure, Gan was found guilty by the Sessions Court on Aug 27, 2020, of furnishing misleading financial statements to Bursa Malaysia in 2007. (Photo by Patrick Goh/The Edge) Gan Boon Aunįormer CEO and executive director of Transmile Group Bhd
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