by RUPINDER SINGH
REVENUE Group Bhd said it will lodge a police report against two of its EDs whose executive functions were suspended on Jan 4 after they had illegally entered and seized documents belonging to the company.
In a Bursa Malaysia filing today, the company said the board of directors was made aware of the incident that took place after their special meeting on the same day concerning the duo, brothers Ng Shih Chiow and Ng Shih Fang.
“At approximately 4.25pm on the same day, the suspended ED Ng Shih Fang returned to the office premises with a group of approximately four unknown individuals. The unknown individuals were denied entry but forced their way into the office illegally. They have also seized and carted away approximately 30 boxes of documents and items without permission or clearance from the board of directors or the company.
“The company views this as an illegal forced entry and will lodge a police report on this matter,” it said.
Revenue Group added that it “wishes to state categorically that this act of forced entry and seizure is illegal and reserves all its legal rights to pursue this matter further.”
The company said it has commenced an investigation into this matter and will consult its legal advisor on the next course of action.
“The board of directors 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 said.
Revenue Group — an e-payment solutions provider — yesterday suspended with immediate effect the two directors after receiving complaints against the duo.
Shih Chiow and Shih Fang are brothers who were appointed to the board on Dec 1, 2017. They are also the company’s co-founders who co-founded the group with MD and group CEO Datuk Eddie Ng Chee Siong in 2003.
Eddie Ng has no familial relationship with Shih Chiow and Shih Fang.
“Following information that [has] been brought to the board of directors’ attention, the board has arrived at the decision to suspend the two EDs immediately pending investigation,” said Eddie Ng.
As at 3pm, Revenue Group fell 12 sen or 17.78% to 55 sen, giving it a market capitalisation of RM268 million. It was the eighth most active stock on Bursa Malaysia with 26.8 million shares traded and was the sixth biggest loser.