SMTrack says Justin Lim, wanted by MACC, has been on business trip overseas since February

Monday 23 Dec 2024

KUALA LUMPUR (July 13): SMTrack Bhd said it had managed to get in touch with Datuk Justin Lim Hwa Tat, and claimed that the executive director, who is wanted by the Malaysian Anti-Corruption Commission (MACC) to assist with an investigation, has been away on an overseas business trip since February.

“The company has not been contacted by any authorities neither received any notice pertaining to the assistance sought from Lim,” the company said in a bourse filing on Thursday (July 13), adding that it believes Lim will cooperate with the authorities in assisting with the investigation.

The company was responding to reports about the investigation division of the MACC seeking on Wednesday the public's assistance in locating the 47-year-old to assist in an investigation. SMTrack said it will make the necessary announcements as and when there are further developments.

Earlier on the same day, SMTrack said it was also attempting to locate Lim, but denied any knowledge or involvement in the MACC probe into Sersol Bhd.

The company added that 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.

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

His father, Datuk Lim Tiong Siang, was redesignated as a non-independent non-executive director on July 6, from his previous post as the executive chairman cum managing director.

Meanwhile, Sersol independent director Leong Lup Yan was redesignated as the company's new 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 an 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.

Shares in SMTrack closed unchanged at three sen each, giving the group a market capitalisation of RM35.75 million. Sersol shares ended one sen or 8.33% lower at 11 sen, valuing the company at RM80.46 million.

Edited ByIsabelle Francis

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