SMTrack denies knowledge of Sersol probe, seeks to locate director Justin Lim wanted by MACC

Saturday 23 Nov 2024

KUALA LUMPUR (July 13): SMTrack Bhd has denied any knowledge or involvement in the probe into Sersol Bhd while seeking to locate its executive director Datuk Justin Lim Hwa Tat, who is wanted by the Malaysian Anti-Corruption Commission (MACC) to assist with the investigation.

In a filing on Thursday (July 13), in response to recent developments, SMTrack said: “The company wishes to clarify that the board and management of SMTrack are also trying to locate our executive director [Datuk] Justin Lim Hwa Tat.”

SMTrack further said it had no knowledge or involvement regarding the investigation by the MACC concerning Sersol, where Lim previously served as the managing director until June 15.

SMTrack said neither it nor its subsidiaries are directly or indirectly involved in any business with Sersol, and the group’s business is proceeding as usual with no impact on its operations.

The group, which is principally involved in the design, deployment, and distribution of radio frequency identity (RFID) tags, said it is also attempting to locate Lim.

“The company will make the necessary announcements as and when there are further developments accordingly,” it added.

Lim was redesignated as the chief executive officer of Johor-based Sersol Bhd on June 15, from his earlier role as the managing director.

Notably, Lim’s father Datuk Lim Tiong Siang previously sat on Sersol’s board as the executive chairman cum managing director prior to being redesignated as a non-independent non-executive director on July 6. In his stead, independent director Leong Lup Yan was redesignated as the executive chairman.

This came on the same day Sersol was served with an ad interim injunction order that restrained Lim, along with his father, an executive director, and five independent directors from exercising their powers.

The ad interim 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 the father and son.

Leong and Tan are seeking a declaration that the undated resolution to appoint executive director Mohamad Sirajuddin Jali, 36, and independent director Ramesh Kanapathy, 54, on June 20, and another undated resolution to appoint independent directors Tunku Azlan Tunku Aziz, 54, and Muhammad Syazni Mohd Zaki, 33, on June 22 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.

At the noon break on Thursday, shares in SMTrack stood unchanged at three sen each, giving the group a market capitalisation of RM29.79 million. Sersol shares were also flat at 12 sen, valuing the company at RM87.77 million.

Edited ByIsabelle Francis

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