Protasco shareholders vote Tey, Ooi out

KAJANG: A total of 95.66% Protasco Bhd shareholders voted for the resolutions to remove two of its directors, Tey Por Yee and Ooi Kock Aun, at an EGM yesterday.
Soon after an injunction served on three major shareholders of Protasco was lifted yesterday afternoon, the EGM was held at 3pm as scheduled. The EGM was to have been held on Wednesday but was adjourned to yesterday afternoon due to the injunction.
Ooi, who had been displeased at the adjournment of the EGM on Wednesday, condemned the Protasco management's move to go ahead with the EGM yesterday even though an appeal had been filed against the decision of the court to lift injunction. According to him, the court has fixed Dec 2 for an appeal hearing.
The injunction obtained by Ooi and Tey was to restrain Protasco vice-chairman and managing director Datuk Seri Chong Ket Pen, non-independent non-executive director Tan Heng Kui and UOBM Nominees (Tempatan) Sdn Bhd from voting at the EGM to remove Tey and Ooi. The ex-parte order also restrained Protasco from recognising any changes in the board.
Tey and Ooi, who didn't vote at the EGM in protest against the proceedings, claimed that Protasco chairman Tan Sri Hadenan Jalil, who rejected the adjournment request, was biased.
However, Chong stressed that the EGM was conducted "according to the full legal process" and declined to comment further.
When asked about today's EGM called by Tey and Ooi in a bid to remove Chong, Chong said he will be present and is confident of retaining his seat on the board.
"Based on the support by the shareholders today, we're confident shareholders will give the same support tomorrow (Friday)," he said, adding that he will move the company forward when everything calms down.
Tey and Ooi are currently being sued by Protasco for breach of fiduciary duties, involving a claim of US$27 million (RM88 million) in damages for fraud and conspiracy over the PT Anglo Slavic Indonesia takeover deal.
The duo, who were undeterred by being voted out of the board, said they even may increase their shareholding in the company as they are long-term investors, and that all allegations would be proven in court.