KUALA LUMPUR(Sept 13): OneTech Solutions Holdings Bhd has received a written requisition from Lau King Yew, who holds a 45% stake in the company, requesting for an extraordinary general meeting (EGM) to vote on resolutions including salary and benefit limits for directors and the managing director, as well as a re-audit of the group's financials.
The requisition, just four months after an out-of-court settlement between OneTech and Lau, the former managing director who was removed from the board in September 2022, highlights the strained relationship between the two parties.
In a filing to Bursa on Wednesday, the company — an investment holding company that provides enterprise software solutions and related support services — said the first proposed resolution entails adjusting the salary and benefit in kind of Koh Kean Mum, who holds the position of executive director. The requisition suggested limiting his total remuneration to RM5,000.
Similarly, the second resolution seeks to adjust the compensation of Tan Yuh Pei, the company's MD, with a limit of RM5,000.
Furthermore, the requisition demanded the appointment of an independent auditor to re-audit the group financial statements for the periods ended Dec 31, 2022, and June 30, 2023.
In addition, Lau also proposed the appointment of an internal control auditor to review the company's internal control policy.
The company said its board of directors acknowledges the receipt of this requisition and is actively seeking legal advice to navigate this matter appropriately.
Out of court settlement
The requisition comes on the heels of an out-of-court settlement between OneTech and Lau that was reached just four months ago. The settlement was signed on May 8, 2023, to resolve a dispute and absolved both parties of any liabilities. It included a settlement payment of RM160,000 to Lau by One ERP Solutions Sdn Bhd — a wholly-owned subsidiary of OneTech. But the EGM requisition appears to suggest that tensions between OneTech and Lau continued to simmer after Lau’s removal as MD of One ERP Solutions last September.
In the same filing to Bursa Malaysia on May 8,2023, OneTech confirms that One ERP Solutions was founded by Lau and that the total investment cost in the subsidary was to the tune of RM1.77 million.