Twist in boardroom tussle of Revenue Group

KUALA LUMPUR: Revenue Group Bhd’s suspended executive director and major shareholder Brian Ng Shih Chiow has served a notice on the e-payment solutions provider to call for an EGM to appoint three new directors.

He also called for the removal of nine company directors as well as for the company to diversify into property development, construction and property investment.

In a filing with Bursa Malaysia yesterday, Revenue Group stated the proposed EGM’s resolutions call for the removal executive chairman Nor Azzam Abdul Jalil, managing director Datuk Eddie Ng Chee Seong, executive directors Lai Wei Keat and Ooi Guan Hoe, as well as independent non-executive directors Ng Chee Keong, Loo Jo Anne, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong.

The resolutions also call for the appointment of three new directors, namely Datuk Paduka Ammar Datuk Shaikh Mahmood Naim, Chong Yu Cheang and Adinor Mohamed Yunus.

Other resolutions called for the removal of all new company directors appointed since Jan 13, 2023 as well as the cancellation of a proposed share buy-back exercise.

Revenue Group said it was seeking legal advice on the matter. Its shares rallied 26.5 sen or 54.6% to 75 sen each yesterday ahead of the filing with the exchange.

The company has been in the limelight since Jan 4, when it suspended the executive functions of executive directors and substantial shareholders Brian and his younger brother Dino Ng Shih Fang, pending an investigation over “certain complaints” against the duo.

The three company co-founders are Brian who is the largest shareholder (11.93% ), Dino (11.44%) and Eddie (9.05%).

On Jan 5, Revenue Group stated that Brian and Dino were involved in an incident of illegal entry and seizure of documents and items belonging to the company on the day they were suspended.

“At 4.25pm on the same day, Dino returned to the office premises with four unknown individuals. They seized and carted away 30 boxes of documents and items without the permission or clearance from the board of directors or the company,” it had stated in a past exchange filing.

On Jan 13, Revenue Group said it has filed a police report on the matter.