My name is not Willy Billy either!
You cannot be serious!
Seriously.
- The drama continues: it now appears that managing director James Hwang Ding Kuo is a kidnap victim.
The drama continues to unfold in Kenmark Industrial Co (M) Bhd (7030). It now appears that managing director James Hwang Ding Kuo is a kidnap victim.
The group's new executive chairman Datuk Abd Gani Yusof, executive director Ho Soo Woon, and independent non-executive director Woon Wai En said this was reported by Kenmark's office in Taiwan but they could not clarify when and how the said incident took place.
"That is what we were told by officials at Kenmark's office there," Abd Gani told reporters in a media briefing in Petaling Jaya, Selangor, yesterday.
Hwang, Kenmark's managing director and major shareholder, went missing and was uncontactable as the group's fortune took a rapid turn for the worse since May 26. However, he resurfaced last Thursday, claiming to have fallen ill in China on May 24 and been in a delirious state.
Hwang did not identify the nature of the sickness nor did he say when he expects to be well and travel back to Malaysia.
Kenmark's new directors had their first board meeting on Thursday to determine the actual situation of the company and identify the next course of action.
"We have met with key management staff and they have agreed to come back to work immediately," he said, noting that the factory expects to be operational next week. Kenmark's factory in Port Klang has production turnover worth RM30 million a month.
"Our priority now is to get the business started and production running ... in the same time, get out from PN17," he said.
The board will meet again on Monday and hope that they would have a firm plan by then.
On Thursday, former KFC Holdings (Malaysia) Bhd deputy executive chairman Datuk Ishak Ismail emerged as Kenmark's biggest shareholder with a 32.36 per cent stake.
As to whether Hwang will remain as managing director of Kenmark, Abd Gani said Hwang will be advised to step down.
Kenmark shares, which resumed trading yesterday after a two-day suspension, more than doubled to 26 sen from 11.5 sen before.
Kenmark also clarified that there was no default on the credit facilities, totalling RM20.9 million, granted by EON Bank Bhd.
"There were some trade bills due for payment at end of May but due to Hwang's absence, it could not be paid and EON Bank in safeguarding their interest had then appointed the receivers on Kenmark Paper Sdn Bhd."
As to its Vietnam business, the directors were told by Hwang Vietnamese authorities asked to take control of the premises because there were looting during the absence of senior management staff.
Kenmark has also asked Bursa Malaysia for more time, or until June 30, to submit its financial results for the period to March 31 2010. However, Bursa Malaysia could not consider it because the request was not made in time, or 15 days before May 31.
Read more: Kenmark: MD was kidnapped here
While all this going on... the stock plunged from 90 sen to 3.5 sen and then miraculously rocketed to a high of 29 sen!
My say?
Just suspend this stock!
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2 comments:
Aiyah Moo, isnt it about time questions should be directed at Bursa/SC for conniving/cooperating in this scam. It doesnt take much common sense to know that the authorities have not been acting correctly. Those sitting at Bursa/SC should be ashamed of their actions, or rather feigned ignorance.
well said. :/
In the Star article Ishak is "Kenmark’s biggest stakeholder"
Quote: “James (the MD) called me on Monday night to help him out as he is sick. This is the company we both floated in 1997 when I was the bumiputra shareholder. However, I sold my shares a long time ago,’’ he told StarBiz
Monday night?
Earlier news quotes...
"James Hwang in his letter has stated that he has been unwell and unconscious and was also uncontactable. He has now regained full consciousness but still physically weak," said the company in a statement to Bursa Malaysia on Wednesday, June 2.
"It was only yesterday (Tuesday) I regained full consciousness but am still weak to travel," he said. He did not identify the nature of the sickness nor did he say when he expects to be well.
Hwang will only return to Malaysia once he is healthy. Hwang also said he could not be reached by telephone as all calls had been barred by family members.
....
Ishak got the call on Monday night.
If James Hwang was in China, say Beijing, the time zone would be the same as here, yes?
So can I assume Monday night as in Monday night Malaysia time?
And James Hwang states he only regained consciousness on Tuesday.
Hmmm.....
And Ishak bought 20 million shares on Monday.
Go figure.... :/
http://whereiszemoola.blogspot.com/2010/06/more-incredible-news-flow-from-kenmark.html
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