Wednesday , January 27 2021

Sumatec lodges a police report against a former director

PETALING JAYA: Sumatec Resources Bhd hosted a police report against one of its former directors for a possible breach of confidence and action of offenses under the Company 2016 for the execution of certain transactions without the approval of the board.

The group said to the exchange that the Independent Director and President of the Advisory Committee on the Khalid Ahmad Datuk, on November 20, presented the report with the Business Office.

The decision to enclose the police report was made according to the advice and order of the Board of Directors with the recommendation of the managing director to protect the interests of the company, shareholders, other stakeholders and the public.

The director, who was the board of the company from 2003 to 2017, was also director and shareholder of Tekad Mulia Sdn Bhd during the period in which the alleged action was made.

"The director, acting without a commission, acted in a conflict of interest in relation to the transactions involved in the operation of Semua International Sdn Bhd (SISB) and Liability Key Obligation (CLO) Declaration (as he was also a Director and shareholder of Tekad Mulia Sdn Bhd), a substantial shareholder of the Company during the period in which the alleged action is being made. The Director has made a firm venture for the Purchaser and Physician, Malaysian Doctor Bhd and Compliance in the Settleco Agreement 2013, "said Sumatec's board in the presentation .

Control of records of Malaysia Commissions (SSM) by former director Chan Yok Peng as director and shareholder in Tekad Mulia.

The former director has also allegedly put the company's seal on an agreement without the resolution of the board for an agreement for a CLO debt for the company's former subsidiary SISB. This resulted in Sumatec acknowledging the company to install around RM80 million, although the responsibility was resigned.

It was also found that he was allegedly neglected of his duties regarding the financing of ships under the Company's signatures, SISB and Semado Shipping Sdn Bhd, failing to ensure the purchase of Sumatec's guarantees to Bank Pembangunan Malaysia Bhd and Malaysian Banking Bhd al Hoe Leong Corp Ltd, a company incorporated and listed in the Singapore Baggage.

Likewise, it was not possible to guarantee and replace the company's control of SISB's control, Hoe Leong Corporation Bhd as stipulated in the Agreement of Agreement of 2013 and the Shareholders' Circle of the company on May 30, 2013, which caused the company to be summoned and faced with a continuation of lasting rates for passive rates at approximately RM350 million.

The director allegedly acted solely and without the permission of the board of directors to sign the Parent Partnership Guarantee Agreement "dated May 2, 2016 to the Continental Industrial Supply and Limited Limited Association of Services (CISS).

This was to ensure the payment of the petroleum and gas contract based on Kazakhstan, the CaspiOil Gas LLP (COG) contract, which resulted in the company paying for arbitration procedures of approximately USD 6 million.

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