KUALA LUMPUR (Jan 18): GIIB Holdings Bhd’s non-executive director Wong Weng Yew has resigned from the board ahead of Thursday (Jan 19)’s extraordinary general meeting (EGM) called for by several substantial shareholders in order to remove him.
The resignation letter was received on Wednesday (Jan 18) and as such, the resignation took effect on that day, said GIIB in a stock exchange filing.
With Wong’s resignation, GIIB said the resolution to remove him in the EGM is no longer applicable and the group will request to withdraw the resolution.
“Shareholders who still wish to attend the EGM are to note that, as a result, there will be no substantive matter for consideration and voting by shareholders at the EGM,” said GIIB.
The EGM was requisitioned last month by three GIIB shareholders — executive chairman Tai Boon Wee, executive director Wong Ping Kiong, and Teng Pik Sun — who collectively own a stake of more than 10% in the company.
Wong, 39, was formerly an executive director of the group but was suspended from that role on March 28 last year to facilitate investigations into his management and handling of the group’s glove business and accounts. He was subsequently removed from that post on May 19.
On the same day, Wong sued GIIB and four others — Tai, Tai’s sons Tai Qiyao and Tai Qisheng, as well as Ping Kiong — alleging the company had breached listing requirements and flagged certain transactions as suspicious, while seeking a declaration that his suspension and termination as ED was null and void.
A week later, GIIB announced that Wong had been redesignated as its non-executive director.