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internal tussle, bad signs - KUALA LUMPUR (April 26): Sabah-based gold mining company Bahvest Resources Bhd has received an extraordinary general meeting (EGM) requisition from its shareholders to remove three directors — non-executive chairman Datuk Seri Dr Md Kamal Bilal, managing director and chief executive officer Datuk Lo Fui Ming and executive director Lo Teck Yong — from its board and replace them with three other individuals.
I don't call it tussle. I see this as existing board of directors doesn't act in the best interest of shareholders.
1 Lets vote to remove existing ED, Lo and son from BOD.
2 Then elect a new BoD. Expel ex ED, Lo and son.
3 Persecute Lo and son for breach of trust
4 Expel Lo and son from BAHVEST management.
Even if Lo & son get removed, they still own the land wasn't it. Can they just kick Bahvest out of the land, which in return ended Bahvest mining operation?
That depends what they have in their contract. but once there are proof to show there is a breach of trust, they can be prosecuted and BAHVEST can use this has a bargaining chip to get court order to stay mining in that block.
why do you think CFO (chief finance Officer) is tasked to resolve this?
on that particular block, Sabah Government gets tax revenue. BAHVEST is more valuable to Sabah Government than Southsea Gold.
Well, it's pretty clear that the guy's got no more ammo to defend himself unless he manages to increase his stake in the company. If he gets kicked off the board, he probably knows he's gonna get sued.
Lo and son are subjected not only on civil lawsuits but also criminal charges e.g. Abuse of power, misappropriating of public funds, breach of trust, fraud, possibility of making threats and etc.. This includes those who acted on Lo and son's behalf and conspire in manipulating BAHVEST share prices