DNex suing former subsidiary CEO on remotely operated vehicle acquisition

DAGANG NeXchange Bhd (DNex) and its group of companies yesterday filed a legal action in the Kuala Lumpur High Court against a former subsidiary CEO in connection to the acquisition of a remotely operated vehicle (ROV).

The action was filed against DNeX Telco Services Sdn Bhd (DTS) former CEO Mohd Ismail Khan Wazir Khan, the company said in an exchange filing yesterday.

The subsidiaries involved in the action are DTS, Dagang Net Technologies Sdn Bhd, PT Dagang Samudera Hutama and PT DNeX Telco Indonesia.

Among the reliefs they are seeking from the defendant are a declaration that the defendant had breached his fiduciary duty, trust, duty of care, skill and diligence, duty of fidelity and duty of trust and confidence towards the plaintiffs in regards to the acquisition of an ROV.

They are also seeking a declaration that US$1.34 million (RM6.15 million) and/or all secret profits and/or other benefits obtained by the defendant through the ROV acquisition are held on constructive trust for the plaintiffs. On top of that, they are also seeking special damages of US$1.25 million and 23.76 billion rupiah (RM6.89 million), as well as aggravated damages.

Mohd Ismail Khan was instrumental in the business setup of DTS and its successful marine telecommunication cable installation project implementation in the South-East Asian region, according to his profile entry at DNex’s website.

It said Mohd Ismail Khan started his business ventures in 2008 with ZKZ Technologies Sdn Bhd, an IT company specialising in network security, software development and advanced SMART solutions. He then founded ZKZ Euphoria Sdn Bhd, a ship brokering and marine spread services company.

In 2015, he further diversified his portfolio by delving into the agriculture industry through ZKZ Agrotani Sdn Bhd, a company he founded that is focused on research and development of agricultural-based products and businesses, according to the entry seen yesterday.

Mohd Ismail Khan graduated with a bachelor’s degree in Marketing with Multimedia from Multimedia University, Cyberjaya. — TMR