Revenue Group said alleges executive directors Ng Shih Chiow (left) and Ng Shih Fang carted away 30 boxes of documents and items without the company’s permission.
PETALING JAYA: The brewing boardroom battle at e-payment solutions provider Revenue Group Bhd has taken another surprising twist.
In a filing with Bursa Malaysia, the Main Market-listed company said it will lodge a police report over an alleged forced entry and seizure of company documents purportedly by two executive directors who had been suspended on Jan 4.
The company alleged the suspended executive directors Ng Shih Chiow and Ng Shih Fang Shih, accompanied by four unknown individuals, had forced their way into the company’s premises after being denied entry.
“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 wishes to state categorically that this act is illegal and reserves all its legal rights to pursue this matter further,” the filing said.
Revenue said it has commenced investigation into this matter and will consult its legal adviser on the next course of action.
“The board 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 added.
Shih Chiow and his younger brother Shih Fang were suspended with immediate effect on Wednesday (Jan 4) pending further investigation after complaints were made against the duo. The company’s earlier filing did not specify the nature of the complaints.
Shih Chiow, the company’s largest shareholder with 55.5 million shares or an 11.93% stake, is also the group chief operating officer. Shih Fang, the group chief technology officer, holds 53.21 million shares (11.44%).
