SCB seeks court direction over disputed asset sale
SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so.
KUCHING: Sarawak Cable Berhad (SCB) has filed an application in the High Court of Kuala Lumpur to seek the court's direction over the proposed sale of assets belonging to its former subsidiary Leader Cable Industry Berhad (LCIB).
In a filing made through its solicitors Messrs S Ravenesan on May 28, SCB, currently under interim judicial management, is seeking clarity under Sections 461(1) and 486, read together with the Twelfth Schedule of the Companies Act 2016, as well as the inherent jurisdiction of the court.
The application centres on a proposed asset sale by LCIB to MIE Industrial Sdn Bhd (MIE), which SCB believes may not serve the best interests of LCIB's creditors or SCB's stakeholders.
SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so.
SCB is also asking the court to determine whether the sale should proceed at all.
In the event the court finds that the liquidators did not act in the best interest of creditors, SCB is seeking an order to declare the sale of LCIB's assets to MIE as null and void, including any agreements related to the transaction.
The company is also requesting that the cost of the application be paid out of LCIB's assets.
On May 7, SCB's board announced plans to take legal action against LCIB's court-appointed liquidators Khoo Siew Kiat and Goh Hua Yang from Messrs Deloitte Restructuring Services PLT.
The board had exercised its residual powers, claiming that the disposal of LCIB's assets was prejudicial to SCB and amounted to wilful negligence.
Khoo and Goh were appointed as liquidators on May 15, 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
9 hours ago
- New Straits Times
Red Sena to hold last meeting on July 11 before winding up
KUALA LUMPUR: Red Sena Bhd, a special purpose acquisition company (SPAC), will hold its final meeting of members on July 11, as it enters the last phase of its winding-up process. In a filing with Bursa Malaysia today, the company said a final cash distribution of RM4.91 million was completed on May 7, 2025, translating to RM0.00614125 per share for eligible shareholders. The final meeting, scheduled for 10.30am at Corus Hotel here will provide shareholders with a report from the liquidator on how the company's assets were managed and disposed of. Shareholders will also consider a resolution on how the company's books and records should be handled, as required under Sections 459 and 518(3)(c) of the Companies Act 2016. Following the conclusion of the meeting and submission of the required documents to the Companies Commission of Malaysia, Red Sena will be delisted from Bursa Malaysia. A further announcement will be made upon completion of the company's dissolution.
Borneo Post
5 days ago
- Borneo Post
SCB seeks court direction over disputed asset sale
SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. KUCHING: Sarawak Cable Berhad (SCB) has filed an application in the High Court of Kuala Lumpur to seek the court's direction over the proposed sale of assets belonging to its former subsidiary Leader Cable Industry Berhad (LCIB). In a filing made through its solicitors Messrs S Ravenesan on May 28, SCB, currently under interim judicial management, is seeking clarity under Sections 461(1) and 486, read together with the Twelfth Schedule of the Companies Act 2016, as well as the inherent jurisdiction of the court. The application centres on a proposed asset sale by LCIB to MIE Industrial Sdn Bhd (MIE), which SCB believes may not serve the best interests of LCIB's creditors or SCB's stakeholders. SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. SCB is also asking the court to determine whether the sale should proceed at all. In the event the court finds that the liquidators did not act in the best interest of creditors, SCB is seeking an order to declare the sale of LCIB's assets to MIE as null and void, including any agreements related to the transaction. The company is also requesting that the cost of the application be paid out of LCIB's assets. On May 7, SCB's board announced plans to take legal action against LCIB's court-appointed liquidators Khoo Siew Kiat and Goh Hua Yang from Messrs Deloitte Restructuring Services PLT. The board had exercised its residual powers, claiming that the disposal of LCIB's assets was prejudicial to SCB and amounted to wilful negligence. Khoo and Goh were appointed as liquidators on May 15, 2024.
New Straits Times
5 days ago
- New Straits Times
Cape EMS tumbles to record low on auditor resignation
KUALA LUMPUR: Shares of Cape EMS Bhd tumbled 17.02 per cent to a morning low of 19.5 sen in active trades, after the group announced the resignation of its external auditors, Grant Thornton Malaysia PLT, due to resource constraints. The stock opened 2.13 per cent lower at 23 sen from yesterday's close of 23.5 sen before slipping further to 20.5 sen, down 12.77 per cent, by 10.23am. This marks a fresh record low since the company made its Main Market debut on March 10, 2023. The previous low was 21.5 sen, logged on April 9 this year. At the time of writing, a total of 20.95 million shares had changed hands, the counter's busiest trading day in nearly three months. The stock's highest single-day volume this year was 57.96 million shares on March 3. Year-to-date, Cape EMS shares have fallen nearly 49 per cent from 38 sen, extending a broader downtrend following a strong debut last year. The counter had surged 67 per cent on its first day of trading in March 2023, closing at RM1.50 against its initial public offering price of 90 sen. Cape EMS, an electronics manufacturing services provider, said yesterday that its external auditor had tendered its resignation via a written notice dated May 28. The resignation, citing resource constraints, takes effect on June 18 under Section 281(2) of the Companies Act 2016. The company said it will appoint a new audit firm and announce the replacement in due course. It also confirmed there were no other matters requiring shareholder attention. In March, Cape EMS saw the emergence of a new single-largest shareholder, Chung Chee Yang, who acquired an 11.14 per cent stake via open market purchases. Chung is also a substantial shareholder in Cypark Resources Bhd. Earlier in February, the group outlined plans to expand into the renewable energy sector to diversify earnings and support Malaysia's transition to a greener economy.
