Tey calls for EGM to remove Protasco MD on Nov 28

PETALING JAYA: Protasco Bhd's non-executive director Tey Por Yee has called for an EGM to be held on Nov 28 to remove the company's managing director, Datuk Seri Chong Ket Pen.
In a statement released yesterday Tey said his request to remove Chong is based on his claim that Chong had received financial gains from Protasco's oil and gas dealings with PT Anglo Slavic Utama (PT ASU) through RS Maha Niaga Sdn Bhd.
"I am bringing the facts and evidence of Chong's wrongdoing directly to the shareholders via an EGM that is being fully funded by myself. I am declaring my actions and being transparent about it, and I am paying for the cost of the EGM with my own money," Tey said in the statement.
In a separate announcement with Bursa Malaysia, Tey and his vehicle, Kingdom Seeker Ventures Sdn Bhd, said they were calling for the EGM under Section 145 of the Companies Act 1965.
The notice comes days after shareholders UOBM Nominees and Tan Heng Kui gave notice of its intention to call an EGM to remove Tey as well another director Protasco is suing, Ooi Kock Aun.
A date for that EGM however has not been set.
UOBM Nominees is the pledged securities account of Penmacorp Sdn Bhd, an investment holding company belonging to Chong, his wife Datin Hoo Chit Neo, and their sons Chong Ther Nen, Chong Ther Zern, Chong Ther Shern and Chong Ther Vern.
The action by Tey comes just a day after he filed a suit on behalf and for the benefit of Protasco to recover some RM10 million, he claims Chong pocketed in secret profits.