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Monday, 19 June 2017 | MYT 9:07 PM

Wintoni moves towards liquidation

KUALA LUMPUR: Wintoni Group Bhd, whose last proposed regularisation plan involving a reverse takeover is still pending a definitive agreement, has begun a winding-up process.

Disclosing this to Bursa Malaysia on Monday, the Guidance Note 3 company also announced that an executive director (name not given) had filed a police report on “possible wrongdoings” by past director Datuk Tey Por Yee.

Wintoni said its board had decided that the company could not, by reason of its liabilities, continue its business.

It has therefore appointed Mohd Afrizan Husain of Aftaas Corporate Advisory Services Sdn Bhd as an interim liquidator for the purpose of facilitating a creditors’ voluntary winding-up pursuant to Section 440 of the Companies Act, 2016.

The company also said it would not be seeking an extension of time to submit an announcement on its proposed regularisation plan to Bursa Malaysia Securities.

M&A Securities, which was appointed as Wintoni’s regularisation sponsor in September last year, terminated its sponsorship on April 28. 

Wintoni noted that Bursa Malaysia Securities had the right to proceed to suspend the trading of Wintoni’s listed securities and to de-list it for failing to make a requisite announcement on its regularisation plan by June 16, 2017 (last Friday).

In a separate filing, Wintoni said an executive director had on Monday lodged a police report against Tey, who resigned as executive director in September 2015.

The police are being requested to investigate a sum of RM53mil being unaccounted for and/or misappropriated from the company.

Wintoni, which did not name the executive director who filed the police report, has two executive directors: Ahmad Amryn Abd Malek and Raja Kamarudin Raja Adna