GPlus lodges complaint with SC over abnormal share trade

PETALING JAYA: Golden Plus Holdings Bhd (GPlus) has lodged a complaint with the Securities Commission, alleging that trading in the company’s shares had been abnormal during two periods last year. 

In a undated document, a copy of which was made available to StarBiz, the company said “the GPlus board of directors would like to make a formal complaint.”  

“GPlus has two complaints – share market manipulation with Datuk Ooi Kee Liang (Indian Corridor Sdn Bhd CEO) and other parties acting in concert with him.  

“The other is that Ooi has given false information in the public domain.”  

GPlus, in the document, quoted information dating from January to August 2007 when the company’s shares were traded between 49 sen and 92 sen, during which daily trading volume in the stock was around 16,000 to seven million shares. 

It further claimed that the trading volume increased from Sept 6 up to Sept 21, 2007 for no apparent reason, adding that GPlus' share price went up to RM2.16 from 75 sen on an increase in volume to 60 million shares from 11 million. 

It claimed that “GPlus believes all this was pre-meditated and there was clear manipulation of GPlus stocks to cause the investing public to believe that there was a corporate exercise involving Idaman Unggul Bhd (formerly Idris Hydraulik Bhd) and Land & General Bhd.”  

“We believe the intention of the perpetrators was to create volume to collect sufficient shares as they would not be able to do so without sufficient volume,” the document alleged.  

GPlus is embroiled in a board takeover tussle that will culminate in an EGM requisitioned by Indian Corridor, on Saturday, to unseat the current board. The High Court will decide today if the EGM could be convened. 

 GPLUS :  [Stock Watch]  [NewsGPLUS 2 :  [Stock Watch]  [NewsGPLUS 2 :  [Stock Watch]

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