New high for Dagang NeXchange Bhd
KUALA LUMPUR: The High Court in Kuching has dismissed the application by a shareholder of construction, marine and civil engineering company Hock Seng Lee Bhd (HSL), Yii Chee Ming, to remove four current directors.
The company said on Thursday the High Court had dimissed the application by Yii to remove his brother, Datuk Yu Chee Hoe, (who is the managig director of HSL), executive directors Tony Yu Yuong Wee and Lau Kiing Kang and none-executive director Lau Kiing Yiing.
“The court decision is a full vindication of the four present board members in the originating summons and proof that the allegations made by the plaintiff were baseless given the fact that the court had concluded that there were insufficient materials to support the plaintiff’s allegation,” it said.
HSL also said the High Court also ordered the defendants to make disclosures concerning the acquisition and disposal of shares in HSL and Hock Seng Lee Enterprise Sdn Bhd, which is the holding company.
“The board welcomes the decision of the High Court in dismissing the prayer for the removal of the four directors, however, as advised, the board is not satisfied with the decision of the High Court in ordering the prayers for disclosure and will appeal against the said decision in regards to disclosure,” it said.
HSL also said an oral application for stay was made and the court ordered for formal application to be filed and heard at 2.30 pm on Friday.
In the meantime, the court had granted an interim stay of the said decision in respect of disclosure pending determination of the formal stay application.
HSL said during the period since the application was made to remove the four directors, it had remained focused on the business of the company and continued to strive to deliver the best results to its shareholders and stakeholders.
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