vested
Toh May Fook bought 106,000 shares on May 11, 2016
Total Owned: 27.4m
Direct (%) 10.27
The Group recorded share of profit amounted to RM 21.5 million contributed from the disposal on partial of development lands located at Mukim Kapar, Daerah Klang, which were originally contracted for joint development under the Consortium Agreement (“CA”) entered by the Company on 26th March 2010.
The partial of the subject lands identified of approximately 30 acres in size was mandatorily disposed under notice of acquisition by Malaysia Government pursuant of Land Acquisition Act 1960, for the proposed West Coast Expressway Development.
As a result of the stated compulsory acquisition, the Group recorded a profit before taxation of RM 50.5 million for the FY under review, as compared to RM72.0 million for FYE 30 June 2015.
The provision of taxation recorded at RM11.2 million, after off-set with the business
On or about 18 August 2016, Menang Corporation (M) Berhad (“Menang” or “the Company”) discovered that Mr Toh May Fook had appointed a financial consultant to look into specific land transactions way back to 2005.
The Board of Menang decided to suspend Mr Toh May Fook on 25 August 2016 because it is of the opinion of the Board that it is a matter of extreme and grave concern that Mr Toh May Fook has inappropriately and without approval of the Board appointed a third party to conduct an investigation of internal matters.
A casual observer can be forgiven if he sees this as another case of a senior executive suspected of some wrongdoing, perhaps mismanagement or abuse of power.
First, Toh owns a lot of Menang shares and is certainly not a mere hired hand.
His shareholding is 12.5%.
Second, Toh had been part of the Menang board and management for less than three months.
Perhaps Bursa should continue asking questions.
1. Why was Toh terminated as deputy MD in July, before the company found out about the financial consultant?
2. What land transactions were under scrutiny?
3. What would the board do if Toh had gone through his fellow directors before initiating the probe?
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