It is amazing what the internet can reveal to you if you put a little effort.
First, lets see who are the 2 directors of Symfusion.
1) Damien Lim Yat Seng
http://www.nobeleducation.com.my/damien.htm
http://www.gem.com.my/TrainerPro-Damien.htm
Damien is director of EG Industries Bhd.
2) Ang Seng Wong
http://www.nobeleducation.com.my/Adrian.htm
Ang Seng Wong is also director of EG Industries Bhd. Apparently he is also director of some other companies which I couldnt verify due to broken links.
Now, Nobel Education and Gem Consultancy companies specialise in training, lecturing & consultancy services. Damien Lim Yat Seng and Ang Seng Wong are both listed as consultant or trainers in there companies. This seems to be consistent with my earlier article when I googled "Symfusion", I got :
"SYMFUSION - Seriously Fun Training Solutions. Together with you in creating seriously fun, hugely engaging, practically experiential...."
Perhaps they are really a training and consultancy company after all. The 2 directors are perhaps provide consulting, training and lecturing for a living. Not that it is anything wrong with what they are doing, but what the f*** is Southern Acids Bhd (a public listed company) engaging trainers and lecturers to do investigation work for RM 2.5 million?
This is absolutely unreal. RM2.5 million is a lot of money and Southern Acids engaged a dormant company with RM3 paidup in cash. This whole deal smells really bad.
This is not all! Lets take a closer look at the address from the website http://www.symfusion.com/.
"E-8-6, Megan Avenue I189, Jalan Tun RazakKuala Lumpur , FT 50400"
Do another google on "E-8-6" megan avenue. Stop reading now and try it! You will find at least 20 or 30 different other companies which uses the SAME address. That's right guys! Symfusion office is a virtual office. Or more precisely, services offered by Avenue Business Center
http://www.avenuebizc.com/
Great! For RM90 a month, I get to use their prestigous address and phone number with plenty of 8's in it. In that way, I can also get million dollar deals with very little to back me up.
Also, that explains why there is no business address registered shown in the earlier SSM search.
Now, it this the sort of company which Southern Acids wants to entrust a RM2.5million job. What the heck, they cant even be bothered putting money into their company as paid up capital and get their own office. This is the same Symfusion with the picutre of 2 pregnant ladies on the website!
Now, do you believe that this whole deal was a scam?
Sunday, July 26, 2009
S144 EGM & CEO
On 27 March 2009, Southern Acids received an S144 requsition notice for EGM
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D0748257586003C8576?OpenDocument
The 2 first agendas reads :
Ordinary Resolution No 1 - Removal of Director
"THAT Mr Yap Soon Nam be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution No 2 - Removal of Director
"THAT Tuan Haji Mohd Hisham Bin Harun be and is hereby removed as director of the Company with immediate effect."
Later on 6 May 2009, the directors and the solicitors decided that the S144 requisition notice is null and void.
http://announcements.bursamalaysia.com/EDMS\AnnWeb.nsf/LsvAllByID/482568AD00295D07482575AE00330F4D?OpenDocument
Now, whats wrong with this picture?
Firstly, it is law that the EGM will have to be called by the company within certain time frame (if memory serves me well, its 60 or 90 days). The company did not do so but instead says that the notice in null and void. I thought only the Court can only declare something to be null and void, how can the directors and solicitors themselves make that call? (Any lawyers here to comment?)
If shareholders wants to call EGM to remove Yap Soon Nam and Tuan Haji Mohd Hisham Bin Harun and appoint other directors, can the current directors decide that it is ok NOT to call the EGM? Keeping in mind that the directors who decided are also Yap Soon Nam and Tuan Haji Mohd Hisham Bin Harun themselves. They are certainly not happy to be ushered out of the company.
Interesting note also that Yap Soon Nam is also the Chairman of the Company and Tuan Haji Mohd Hisham Bin Harun is the Chairman of the Audit Committee. (check out the 2008 Annual Report)
Quote from my first post, one of the complains in the current minority oppression petition:
(iii) Payment of certain allowances to two non-executive directors (Chairman of the Company and Chairman of the Audit Committee) were alleged to be irregular;
Aha.... now we have a link. Perhaps the 2 chairmans were paying themselves big fat allowances and refused to be removed as directors?
I was unable to find out for sure the reasons why the shareholder wants to remove the 2 directors but should be a high chance that they have something to do with the current minority oppression section 181 petition.
On 29 April 2009, Southern Acids announced that they will be appointing a new CEO (Mr Leong Kian Ming) effective 1 June 2009.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D07482575A70039A39A?OpenDocument
A quick search on Leong Kian Ming shows that he was Executive Director and CEO of Overseas & General Ltd. Now here comes the interesting part. He only resigned on 9 July 2009 as Executive Director and CEO of the previous company. Meaning he is employed in 2 places for the period (1 June 2009 and 9 July 2009).
http://www.asx.com.au/asxpdf/20090710/pdf/31jhn1g1mvpbtr.pdf
The Receiver&Managers order was served on 6 July 2009 (but suspended on 8 July 2009). Was the new CEO planning to continue being employed in 2 places if the Receiver&Manager hasn't turned up? Isn't this illegal by itself? (lawyers, help?)
Didn't the directors made sure the CEO left the previous company before joining the new company? Or did the directors, particularly Yap Soon Nam and Tuan Haji Hisham Bin Harun condone to this?
This is just more signs of hanky panky going on in Southern Acids.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D0748257586003C8576?OpenDocument
The 2 first agendas reads :
Ordinary Resolution No 1 - Removal of Director
"THAT Mr Yap Soon Nam be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution No 2 - Removal of Director
"THAT Tuan Haji Mohd Hisham Bin Harun be and is hereby removed as director of the Company with immediate effect."
Later on 6 May 2009, the directors and the solicitors decided that the S144 requisition notice is null and void.
http://announcements.bursamalaysia.com/EDMS\AnnWeb.nsf/LsvAllByID/482568AD00295D07482575AE00330F4D?OpenDocument
Now, whats wrong with this picture?
Firstly, it is law that the EGM will have to be called by the company within certain time frame (if memory serves me well, its 60 or 90 days). The company did not do so but instead says that the notice in null and void. I thought only the Court can only declare something to be null and void, how can the directors and solicitors themselves make that call? (Any lawyers here to comment?)
If shareholders wants to call EGM to remove Yap Soon Nam and Tuan Haji Mohd Hisham Bin Harun and appoint other directors, can the current directors decide that it is ok NOT to call the EGM? Keeping in mind that the directors who decided are also Yap Soon Nam and Tuan Haji Mohd Hisham Bin Harun themselves. They are certainly not happy to be ushered out of the company.
Interesting note also that Yap Soon Nam is also the Chairman of the Company and Tuan Haji Mohd Hisham Bin Harun is the Chairman of the Audit Committee. (check out the 2008 Annual Report)
Quote from my first post, one of the complains in the current minority oppression petition:
(iii) Payment of certain allowances to two non-executive directors (Chairman of the Company and Chairman of the Audit Committee) were alleged to be irregular;
Aha.... now we have a link. Perhaps the 2 chairmans were paying themselves big fat allowances and refused to be removed as directors?
I was unable to find out for sure the reasons why the shareholder wants to remove the 2 directors but should be a high chance that they have something to do with the current minority oppression section 181 petition.
On 29 April 2009, Southern Acids announced that they will be appointing a new CEO (Mr Leong Kian Ming) effective 1 June 2009.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D07482575A70039A39A?OpenDocument
A quick search on Leong Kian Ming shows that he was Executive Director and CEO of Overseas & General Ltd. Now here comes the interesting part. He only resigned on 9 July 2009 as Executive Director and CEO of the previous company. Meaning he is employed in 2 places for the period (1 June 2009 and 9 July 2009).
http://www.asx.com.au/asxpdf/20090710/pdf/31jhn1g1mvpbtr.pdf
The Receiver&Managers order was served on 6 July 2009 (but suspended on 8 July 2009). Was the new CEO planning to continue being employed in 2 places if the Receiver&Manager hasn't turned up? Isn't this illegal by itself? (lawyers, help?)
Didn't the directors made sure the CEO left the previous company before joining the new company? Or did the directors, particularly Yap Soon Nam and Tuan Haji Hisham Bin Harun condone to this?
This is just more signs of hanky panky going on in Southern Acids.
Thursday, July 23, 2009
Who is Symfusion?
Firstly, who is Symfusion which Southern Acids engaged for RM2.5 million
to do investigation work? I personally never heard of them.
Did a google search and I got the result below:
Hmmm.. "SYMFUSION - Seriously Fun Training Solutions. Together with you in creating seriously fun, hugely engaging, practically experiential...."
The website http://symfusion.com/ shows it is still under construction and shows a picture of 2 pregnant ladies. This can't be right.
It does have a KL address under the contact page :
E-8-6, Megan Avenue I
189, Jalan Tun Razak
Kuala Lumpur , FT 50400
Phone: +6 03 - 2333 8818
Fax: +6 03 - 2333 8899
Following this, I paid rm15 and did a SSM search for "Symfusion Sdn Bhd - 540011A".
There is only one company by name of Symfusion.
The search revealed the following:
1) Company do not have a business address
2) Company is DORMANT!
3) Cash paid up is only RM3! and Other than cash RM16,629.
4) 2 Directors by name of Damien Lim Yat Seng and Ang Seng Wong
5) Not very impressive balance sheet and income statement.
Is this the same Symfusion from the website with the 2 pregnant ladies?
Or is this the same Symfusion that Southern Acids Berhad engaged to do work for RM 2.5 million?
The SSM search images will be on the next post.
to do investigation work? I personally never heard of them.
Did a google search and I got the result below:
Hmmm.. "SYMFUSION - Seriously Fun Training Solutions. Together with you in creating seriously fun, hugely engaging, practically experiential...."
The website http://symfusion.com/ shows it is still under construction and shows a picture of 2 pregnant ladies. This can't be right.
It does have a KL address under the contact page :
E-8-6, Megan Avenue I
189, Jalan Tun Razak
Kuala Lumpur , FT 50400
Phone: +6 03 - 2333 8818
Fax: +6 03 - 2333 8899
Following this, I paid rm15 and did a SSM search for "Symfusion Sdn Bhd - 540011A".
There is only one company by name of Symfusion.
The search revealed the following:
1) Company do not have a business address
2) Company is DORMANT!
3) Cash paid up is only RM3! and Other than cash RM16,629.
4) 2 Directors by name of Damien Lim Yat Seng and Ang Seng Wong
5) Not very impressive balance sheet and income statement.
Is this the same Symfusion from the website with the 2 pregnant ladies?
Or is this the same Symfusion that Southern Acids Berhad engaged to do work for RM 2.5 million?
The SSM search images will be on the next post.
Preliminaries
Southern Acids Bhd is a public listed company in Malaysia.
On 6 July 2009, it was announced that Receivers&Managers were appointed over the company.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D0748257586003C8576?OpenDocument
On 8 July 2009, bursa announced that the counter will be suspended from 14 July 2009.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D07482575ED003E6816?OpenDocument
Also on 8 July 2009, the Receivers&Managers were suspended.
And on 13 July 2009, some details of the petition were announced.
http://announcements.bursamalaysia.com/EDMS\edmsweb.nsf/LsvAllByID/48256E5D00102DF5482575F2003E5676?OpenDocument
Quote from the announcement :
"The Petitioners have submitted the following alleged grievances:
(i ) Symfusion Sdn Bhd is being engaged at a substantial fee of RM2.5 million to investigate intocomplaints raised by a shareholder in respect of numerous alleged questionable transactions.Their scope of work is to provide documentary review, corporate, criminal and civil aspect ofthe said transactions;
(ii) The removal of certain bank signatories;
(iii) Payment of certain allowances to two non-executive directors (Chairman of the Company andChairman of the Audit Committee) were alleged to be irregular;
(iv) Mr Yap Soon Nam a practicing advocate & solicitor and acting as independent Chairman ofSAB was alleged to be actively engaged in the management of SAB in an executive capacity."
Myself is a shareholder of Southern Acids Bhd and started doing a little digging. What I discovered is the least to say - shocking!!
More posts to follow.
On 6 July 2009, it was announced that Receivers&Managers were appointed over the company.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D0748257586003C8576?OpenDocument
On 8 July 2009, bursa announced that the counter will be suspended from 14 July 2009.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D07482575ED003E6816?OpenDocument
Also on 8 July 2009, the Receivers&Managers were suspended.
And on 13 July 2009, some details of the petition were announced.
http://announcements.bursamalaysia.com/EDMS\edmsweb.nsf/LsvAllByID/48256E5D00102DF5482575F2003E5676?OpenDocument
Quote from the announcement :
"The Petitioners have submitted the following alleged grievances:
(i ) Symfusion Sdn Bhd is being engaged at a substantial fee of RM2.5 million to investigate intocomplaints raised by a shareholder in respect of numerous alleged questionable transactions.Their scope of work is to provide documentary review, corporate, criminal and civil aspect ofthe said transactions;
(ii) The removal of certain bank signatories;
(iii) Payment of certain allowances to two non-executive directors (Chairman of the Company andChairman of the Audit Committee) were alleged to be irregular;
(iv) Mr Yap Soon Nam a practicing advocate & solicitor and acting as independent Chairman ofSAB was alleged to be actively engaged in the management of SAB in an executive capacity."
Myself is a shareholder of Southern Acids Bhd and started doing a little digging. What I discovered is the least to say - shocking!!
More posts to follow.
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