AS the so-called conflicting factions wage war on each – from its boardroom to the police to the Malaysian Anti-Corruption Commission (MACC) and eventually High Court – investors’ faith in Perak-based lingerie manufacturer Caely Holdings Bhd is seemingly getting thinner by the day.
Yesterday (June 22), its share price slipped 3 sen or 8.96% to 30.5 sen – almost a 52-week low – as investors distanced themselves from a wide array of unresolved issues that is unbecoming of a small cap company.
For the uninitiated, they range from the MACC freezing the company’s bank accounts to appointment of directors without their consent and ‘back and forth’ removal and reinstatement of directors, to name a long list of problems associated with the bra maker.
Interestingly, the corporate tussle in Caely saw a new twist yesterday with the Kuala Lumpur High Court having ruled that its incumbent board is still in charge pending a court hearing on Aug 3.
This status quo order follows a new lawsuit filed by plaintiffs (a) Leong Seng Wui, (b) Kok Kwang Lim and (c) Valhalla Capital Sdn Bhd who had sought that the extraordinary general meeting (EGM) convened on June 15 to remove eight directors from the company’s existing board be declared valid.
To re-cap, the plaintiffs had requisitioned an EGM which was purportedly held on June 15 which the company’s current board of directors was advised by its legal advisers as invalid.
In fact, the company had on the same day of the EGM announced that the said EGM was adjourned on various grounds, including on-going litigation cases (one of which had been filed by the plaintiffs themselves) as well as being sub judice as it interfered with the reliefs sought by the company at the KL High Court (hence, the action is tantamount to contempt of court).
Additionally, the current board of directors had also on June 16 lodged a police report against Leong, Kok and Valhalla Capital who were suspected to have committed serious wrongdoings in Caely by calling for the EGM despite knowing there are on-going litigation cases (including one which had been filed by they themselves).
“Following the latest court ruling, the current board shall remain in control of Caely until the court hearing scheduled on Aug 3. For now, the board will continue to run the company,” Caely’s group executive chairman Datuk Loh Ming Choon pointed out in a statement late yesterday.
The current eight members of Caely’s Board of Directors are Loh himself; Datuk Seri Sin Hock Min (executive director); Ms Wong Siaw Puie (executive vice chairman); Ms Khoo Chen Yeng (executive director); Datin Fong Nyok Yoon (non-executive director); Datuk Mohamad Hanafiah Zakaria (independent director); Ms Ng Mei Choo (independent director); and Datuk Koh Mui Tee (independent director).
It is worth recalling that Caely’s founder Datin Fong Nyok Yoon had on Monday (June 20) lodged a police report against the company’s board of directors for the dissemination of false and misleading information to Bursa Malaysia.
Her action follows the revelation made by fashion designer Datuk Jovian Mandagie that his recent appointment as the group’s executive vice chairman was false. This has eventually led to the son-in-law of Prime Minister Datuk Seri Ismail Sabri Yaakob withdrawing his directorship last Friday (June 17). – June 23, 2022
