Revenue Group’s suspension of directors spurs speculation about cause
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Loading... - Aisha Hamid
- 24 Jan 2023
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News that e-payment solutions provider Revenue Group Bhd had suspended two of its executive directors, and that it was investigating “complaints” received against the duo, not only shocked the investing community but has also raised concern that goes beyond whether the company’s operations can continue as normal.
Inevitably, questions have arisen about corporate governance at the company and even its financials, given that it slipped into losses in its first quarter ended Sept 30, 2022 (1QFY2023).
The two directors, who are also co-founders and substantial shareholders of the company, are brothers Brian Ng Shih Chiow and Dino Ng Shih Fang. Their executive powers were suspended on Jan 4, following “complaints” received against them.
On the same day, Dino and a few individuals allegedly seized 30 boxes of documents belonging to the company, according to the company’s filing with Bursa Malaysia.
Revenue Group then lodged a police report in relation to the complaints of illegal forced entry and alleged theft. The company said it was considering engaging two independent professional firms to conduct a special review on the matters.
Prior to the suspension, Brian was the group’s chief operating officer, overseeing the group’s day-to-day operations, administrative and finance functions.
Meanwhile, Dino, as the group’s chief technology officer, managed the research and development (R&D) and IT teams as well as monitored the development advancement of new technologies for potential new products and services. Read More…
