More and more developments in Stone Master, things are getting really murky.
The Edge Malaysia wrote an article "Stone Master Expose?"
From The Star's website "Another one bites the dust", one snippet:
"Apparently, in consideration of the exclusive right to distribute the products of the Chinese companies, certain local representatives were paid a sum amounting to RM11.59mil in the form of a non-refundable deposit, of which RM11.54mil was subsequently paid by these local representatives to Chan, who is still a member of the board."
Luckily the last part is not correct, I wrote about this subject before, since then Chan has since retired, according to this announcement. Half a year too late, but at least it was done.
The article in The Star further writes about interesting developments in Samchem Holdings, one snippet:
Industrial chemicals distributor Samchem Holdings Bhd earlier in the week received a special notice from seven of its shareholders, who collectively hold 19.8 % in the company, asking for the removal of Ng Soh Kian as an executive director of the company.
Soh Kian was appointed as an executive director in February 2009, just four months before the company was listed. Interestingly, Samchem’s CEO Datuk Ng Lian Poh, the brother of the company’s founder and executive chairman, Thin Poh, resigned earlier this month. He resigned due to personal reasons.
Thin Poh, who has stepped in as acting CEO, holds a 44.14% stake in the company. Soh Kian has been steadily whittling down his stake in the company and now has only 0.26%.
No reasons were given for wanting to remove Soh Kian from the board by the seven .....