BIOMASS material manufacturer Heng Huat Resources Group Bhd suspended Ooi Chieng Sim as its non-executive director on Feb 3. On Jan 31, he was redesignated as a non-executive director from executive chairman.
“Heng Huat wishes to inform that Ooi Chieng Sim’s role as non-independent non-executive director of the company has today been suspended after taking into consideration the need for Mr Ooi to focus on his defence. The suspension is in the best interest of Heng Huat,” the company said in a bourse filing on Feb 3.
On Jan 30, Ooi was charged with drug trafficking under Section 39(b)(1) of the Dangerous Drugs Act 1952, following a raid on a portion of the company’s premises in Penang.
This led to the suspension of Ooi as executive chairman of diversified company Atta Global Group Bhd and its subsidiaries on Jan 31.
Securities maintained in the Central Depository System accounts of the company, its subsidiary SMPC Industries Sdn Bhd, as well as those of executive director Ng Chin Ham have been suspended, while a banking account of Atta’s subsidiary Metal Perforators (M) Sdn Bhd was also frozen.
Three properties located in Penang belonging to Atta were seized, along with 14 properties belonging to its subsidiary Progerex Sdn Bhd.
A total of 11 motor vehicles – a mix of luxury vehicles, lorries and excavators – belonging to Atta and its subsidiaries, were also seized.
Atta said it will appoint a solicitor to file a notice of claim for the release of the seized assets, covering banking accounts, CDS accounts and properties.
On Jan 28, Inspector-General of Police Tan Sri Abdul Hamid Bador said police had arrested eight men at a warehouse at the Prai Industrial Estate in a follow-up operation to a major drug seizure at the Butterworth port on Sept 10 last year.
In that incident, police had seized 12 tonnes of cocaine worth RM2.4 bil that was mixed and hidden in 60 bags of coal in Butterworth.
On Jan 16, the Securities Commission ordered the suspension of trading in Atta and Heng Huat securities.
Prior to the suspension, Atta shares traded up one sen or 2.3% to 44.5 sen while Heng Huat shares transacted unchanged at 3.5 sen. – Feb 3, 2020