THE Minority Shareholders Watch Group (MSWG) is seeking an explanation from Menang Corp Bhd at its forthcoming annual general meeting (AGM) as to why internal investigation into the suspension of its non-independent and non-executive directors Datuk Shun Leong Kwong and Marianna Aly Shun is still ongoing.
Among others, MSWG wanted to know what are the challenges facing the IIC in carrying out its investigation and why has the investigation not been completed after a period of eight months.
To re-cap, the company’s board had on Feb 15 resolved to suspend the duo from exercising their duties and functions as directors with immediate effect until the conclusion of findings of an independent investigative committee (IIC).
“Who are the members of the IIC? When is the IIC expected to complete the investigation?” asked the shareholder activism group. “Why did the group not engage a professional firm in carrying out the investigation instead of relying on IIC?”
Menang will be staging its 57th AGM virtually on Nov 29 (Monday) at 10am via a meeting platform provided by Agmo Digital Solutions Sdn Bhd.
Elsewhere, MSWG is enquiring from Inix Technologies Holdings Bhd at the latter’s AGM the company’s relationship with one Tan Mei Teng who was granted 49.3 million options under the company’s employees’ share issuance scheme on July16, 2020 and Oct 20, 2020 respectively.
“What is Tan Mei Teng’s relationship to the company (or directors)? What is her designation in the company?” asked the shareholder activism group.
“Another 21.6 million options were also granted on Nov 24, 2020 and exercised. To whom were the said options granted to? What is the person(s) relationship to the company (or directors) and designation in the company?”
In an unrelated development, MSWG also queried Inix over the low fee structure for its internal audit functions. This is because the company only incurred RM4,000 (2020: RM6,000) for the said job scope for the financial period under review from Feb 1, 2020 to June 30, 2021 (17 months).
“What is the reason for the decrease in internal audit fee?” asked MSWG. “Given that the fee is rather small (circa RM235.29 per month), how does the audit committee assure itself that there would be adequate coverage and that the audit function is effective?”
Inix will be staging its 16th AGM on Nov 30 (Tues) at 10.30am from its broadcast Venue at Viva Shopping Mall in Cheras, Kuala Lumpur. – Nov 28, 2021
