PETALING JAYA: SMTrack Bhd’s board said it is trying to locate its executive director Justin Lim, who is being sought by the Malaysian Anti-Corruption Commission (MACC) to assist with an investigation.
In a filing with Bursa Malaysia today, the company also denied it has any knowledge or involvement in MACC’s probe relating to Johor-based Sersol Bhd, where Lim previously served as managing director until June 15.
SMTrack also said neither it nor its subsidiaries are directly or indirectly involved in any business with Sersol, and that its business is proceeding as usual with no impact on its operations.
The ACE Market-listed company, which is involved in design, deployment, and distribution of radio frequency identity (RFID) tags, issued the clarification in response to media reports yesterday about MACC’s efforts to locate Lim.
News outlets yesterday published MACC’s plea to the public to help it to track down the 47-year-old Lim to assist in an investigation.
Lim was redesignated as Sersol’s CEO on June 15, from his previous role as the managing director.
According to a Bursa filing on June 27, Lim resigned from the board of Computer Forms (Malaysia) Bhd as an executive director due to differences in opinion with the management.
Lim’s father Lim Tiong Siang was Sersol’s executive chairman cum managing director prior to being redesignated as a non-independent non-executive director on July 6. Independent director Leong Lup Yan was redesignated as the executive chairman.
Sersol slapped with legal action
These corporate changes came on the same day Sersol was served with an ad interim injunction order which restrained Lim, his father, an executive director, and five independent directors from exercising their powers.
The order was part of a legal action filed by Leong and Sersol executive director Tan Fie Jen against the company and a number of its directors, including Lim and his father.
Leong and Tan are seeking a declaration that two undated resolutions to appoint four individuals as directors are null and void.
They are also seeking a declaration that any actions of the four or proceedings of Sersol’s board of directors from June 20 until the date of a court order are null and void.
The ad interim injunction order is valid until July 17, when an injunction application is fixed for hearing.
ACE Market-listed Sersol is principally involved in the coatings business relating to buildings, furniture, electrical and electronic products.
At 4.50pm, SMTrack’s shares were unchanged at 3 sen, valuing the company at RM35.8 million while Sersol’s share price fell 1 sen or 8.33% to 11 sen, giving it a market capitalisation of RM80.5 million.