REVENUE Group Bhd has filed a legal action against cofounders Brian and Dino Ng, two weeks after the e-payment solutions provider announced that it had suspended the executive functions of the brothers.

In an announcement yesterday, Revenue Group said it filed the suit at the Kuala Lumpur High Court on Jan 16, together with its wholly owned Revenue Harvest Sdn Bhd. It also named Safety & Bullet Film Sdn Bhd among the defendants.

Revenue Group alleged that the brothers had broken Bursa Malaysia’s listing requirements regarding the group’s unaudited quarterly reports from the three months ended Dec 12, 2020, through Sept 30, 2022.

They were also said to have breached Section 317A of the Capital Markets and Services Act 2007, which deals with the conducts of directors and officers of public listed companies, with the intention of causing wrongful loss to the companies irrespective of whether the conducts cause actual wrongful loss.

Revenue Group is also asking the court to issue an order compelling the brothers to surrender ownership of a Toyota Vellfire with the registration number BPR 3108 within 14 days of the ruling.

The company is also demanding the payment of RM410,343 from the brothers together with Safety & Bullet Film.

In the same lawsuit, Revenue Group also requested a temporary injunction barring the two brothers from serving as directors or taking any other part in the group’s direct or indirect management until such time as the court may specify.

It also asks that the pair be prevented from buying, selling or otherwise controlling the shares they now own, as well as from exercising any voting rights or other rights related to those shares until the lawsuit’s conclusion.

The case management for the lawsuit and the application has been scheduled for Jan 30 via e-review. — TMR