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[IRETEX] Tey Por Yee falls victim of designed blame by Mak Lin Kum in Ire-Tex Corp bhd. Mak his lawyer illegal Take Over board reprimanded?

4 July 2017, Kulim, Kedah, Malaysia - Industrial product packaging company Ire-Tex Corp Bhd board of directors had caused confusion in the market by not announcing timely the coming 12 July 2017 Extraordinary General Meeting (EGM) called by shareholders (members).

However, the company had on 28 June 2017 announced Furthermore misleading information. The announcement quoted "The company had on 23 June 2017 received a “Notice of EGM” which is dated 23 June 2017 which notice is issued by Elite Cosmo Group Limited and signed by Jia Zhigang. A “Notice of EGM” has been published in a local newspaper on 28 June 2017, which notice is dated 23 June 2017."

Take the Law into their own hands are pure Smoke Screen

The company's board of directors had in their personal view, making allegation & assumptions, and become the jury & the judge, breach their duty by not making announcement correctly. The company secretary seems to be bending the rules by twisting and announcing misleading information on behalf of the directors.

The shareholders (members) had on 8 June 2017 sent a notice to the company to call for an EGM. However the company announce the notice as follows " IRETEX wishes to announce that the Company had on 8 June 2017 received a Special Notice in relation to appointment and removal of directors from two (2) persons representing themselves to be shareholders of the Company holding not less than one-tenth of the paid-up capital of the Company carrying the right of voting at meetings of members of the Company as at the date of deposit of the said Special Notice. A copy of the Special Notice is attached."

Such misleading announcement is because of the company's new directors struggle to stay in power. The directors are obviously taken control of the board (breach of Take Over Code / TOM Rules) and refuse to let shareholders exercise their rights in "shareholders' company". Lead by one Mak Lin Kum which was appointed to the board in November 2016, by using one Felix Chin Wui Choong who joined in September 2016, together with 2 other directors (Shariff Omar and Ahmad Amryn) which were nominated by one Mak Lin Kum for him to gain majority 2/3 control of the board, is apparently a hostile take over.

During the first EGM on 27 April 2017, despite over 90% shareholders voted out Mak Lin Kum and 3 other directors, due to a potentially outdated glitch in capital market legal framework where foreign shareholder name was not listed as a "member", some definition printed on record of CDS (Central Depository System), the court had chosen the easy way out. However, besides appealing, shareholders had called 2nd EGM. The coming 2nd EGM called by members scheduled on 12 July 2017 becomes a critical challenge for Mak Lin Kum and 3 others.

First of all, the members had since respected the court decision on 1st EGM, and called 2nd EGM. Members had followed all compliances and 12 July 2017 EGM is basic shareholders right to vote. The judgment day is inevitable, and what is happening is the directors are abusing company money and resources to "stop shareholders" from voting. The market is concerned if such reckless culture shall escalate and set bad examples for other public listed companies.

As of to date, Teh Eng Huat has less than 0.9% Ire-Tex shares, while Mak Lin Kum, Felix Chin Wui Choong, Shariff Omar and Ahmad Amryn all are not shareholders. This explains why the wrongdoers feel no pain on the harm and injury felt by shareholders when they burn and tear the company apart - worst off, using shareholders' company to "sue shareholders"?
The Conspiracy of Illegal Take Over by Directors

Ever since the entry of Mak Lin Kum and Felix Chin Wui Choong, Ire-Tex had experienced serious damages. Starting from manufacturing of fake allegations to put blame and removal of Ire-Tex 2 executive directors Kong (COO) and Christopher Purcell (CEO), followed by collusion with Ire-Tex debtor Teh Eng Huat by causing harm to injure Ire-Tex dropping 2 legal suits against Teh Eng Huat. The basis is jaw-dropping as no valid excuses were used. The most devastating allegation was the blame on company machinery supplier to one former director, Tey Por Yee, which was not on the board of Ire-Tex when the machinery was proposed and approved by the board, Bursa Malaysia and shareholders through EGM. The allegation was so reckless, without reading out such facts to rationalize their claims. The motive is clear - to find excuses for their illegal hostile take over, to make a private deal with Teh Eng Huat, and to cause harm and to injure Ire-Tex and shareholders.

Since CEO Christopher being forced to resign, Ire-Tex board has been hostile taken over by Mak Lin Kum and 3 others, all are reporting to Mak Lin Kum acting in concert, and made a private deal with one Teh Eng Huat covering up his wrongdoing, by manufacturing blame and lawsuits on everyone under the sun to justify their actions.

To find the excuse for the wrongdoing directors to stay in power, Mak Lin Kum would simply file a lawsuit on everyone under the sun and blame them in hope to create enough smoke screen, judges and shareholders would be confused. In short, what the wrongdoing directors did was to scare shareholders from voting - as if whoever voted not in their favor in EGM would be the director's "illusional enemy" and they will allege them "acting in concert" is a shareholder. They would be sued by them (using company money). Since when did share voting become the act of terrorism and applies the law of triad?
12 July 2017 EGM. A victim of Corporate Terrorism?

What would market perceive how much damages Mak Lin Kum and his illegal board of directors going to cost Ire-Tex and its shareholders until the 12 July 2017 EGM, will determine the future of Malaysia capital market. Market confidence will depend if corporate terrorism is here to stay. One thumb of rule is for sure - rob and kill and be the jury and the judge in the name of self-perceived justice (terrorist) never last long in the history of mankind. What we witness is the 21st century of terrorist - corporate terrorism.

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