TAWAU: The High Court here today continued hearing a civil trial involving Bahvest Resources Berhad and Wullersdorf Resources Sdn Bhd as plaintiffs, and Datuk Lo Fui Ming, Lo Teck Yong, Chong Khing Chung, and Southsea Gold Sdn Bhd as defendants.

The proceedings before Judicial Commissioner Steve Ritikos also involve a separate action filed by Southsea Gold Sdn Bhd against Wullersdorf Resources Sdn Bhd and Bahvest Resources Berhad, which has been consolidated through a prior court order.

The court then proceeded with cross-examination of the plaintiffs’ witness, Chong Tzu Khen, by defence counsel Henry Lim.

In his testimony, Chong was questioned on related party transactions and confirmed that board and shareholder approvals are required under Bursa Malaysia Listing Requirements before such transactions can be implemented.

He also agreed that failure to obtain prior approval could render such transactions non-compliant with Bursa regulations.

Chong further confirmed that he had instructed the issuance of letters to three independent non-executive directors in May 2023 concerning a temporary resolution, which included a warning of potential legal action if no response was received. However, he stated that the letters were not intended as threats and that no legal action was subsequently taken.

On board composition, Chong confirmed that Bahvest’s board comprised five members at the material time, including three independent directors and two executive directors, with the independent directors forming the majority in line with Bursa requirements.

He also confirmed that the independent directors later approved the temporary resolution during a board meeting in May 2023.

The proceedings further examined production records and gold dore invoices, where Chong agreed that differences existed in document formats and signatures. He confirmed that some invoices were signed by him while others were signed by Chong Khing Chung, with several documents admitted as defence exhibits after verification of their serial sequence.

He also referred to the company’s financial statements for the year ended 31 March 2022, which recorded expenditures related to mining infrastructure and assets, and confirmed the documents were signed by Datuk Lo Fui Ming and Lo Teck Yong.

On land agreements, Chong maintained that the Letter of Consent (LOC) and the sublease agreement were interrelated and disagreed that the sublease superseded the LOC. He added that mining facilities evolved from temporary to permanent structures as operations progressed.

During re-examination by plaintiffs’ counsel Norbert Yapp, Chong explained that the term “back signed” referred to invoices that were reprinted and signed later for submission to authorities after original documents were unavailable following a Malaysian Anti-Corruption Commission (MACC) seizure. He confirmed the documents were used for royalty assessment purposes.

The hearing will continue tomorrow at 9am.

TAWAU: Issues relating to share price movements and alleged insider trading were put to the plaintiff’s witness during cross-examination at the High Court here today in a corporate dispute involving Aumas Resources (Bahvest Resources Bhd ) and several former key executives.

The proceedings, presided over by Judicial Commissioner Steve Ritikos, heard testimony from the plaintiff’s first witness, Chong Tzu Khen, a former chief executive officer and shareholder-turned-director, during questioning by defence counsel Andy Tay.

During the session, the defence put to Chong that his claims implied allegations of market manipulation against Datuk Lo Fui Ming.

Chong acknowledged that the line of questioning suggested insider trading elements but maintained disagreement with several propositions raised by counsel.

Chong told the court that after becoming a director in May 2023, he did not lodge any formal complaint with regulators, explaining that his focus had been on continuing mining operations and safeguarding shareholder interests.

Defence counsel suggested that the absence of formal action weakened the allegations, which Chong disputed.

The court also heard exchanges regarding whether Lo Fui Ming remained a controlling shareholder after disposing of shares.

The defence suggested that any loss of controlling status would limit influence over an extraordinary general meeting (EGM), while Chong maintained that board positions could still carry influence.

Questions were further raised about an Employee Share Option Scheme (ESOS).

Chong agreed that shareholder approval and regulatory disclosures were required but said potential dilution remained a concern.

He also acknowledged that no written objection had been submitted before a shareholders’ requisition notice was issued in April 2023.

Throughout the cross-examination, the defence highlighted the absence of written complaints or documentary evidence supporting several allegations, with Chong confirming that many of his concerns had been raised verbally rather than through formal documentation.

Proceedings were adjourned and will resume tomorrow at 9.30am.

TAWAU: Perbicaraan sivil melibatkan AuMas Resources Berhad (dulu dikenali Bahvest Resources Berhad) bersama anak syarikat milik penuhnya, Wullersdorf Resources Sdn Bhd (WRSB), terhadap Datuk Lo Fui Ming, Lo Teck Yong, Chong Khing Chung dan Southsea Gold Sdn Bhd diteruskan di Mahkamah Tinggi Tawau hari ini.

Prosiding di hadapan Pesuruhjaya Kehakiman Steve Ritikos itu memasuki hari keenam dengan pemeriksaan balas terhadap saksi pertama plaintif, bekas Ketua Pegawai Eksekutif (CEO) AuMas, Chong Tzu Khen.

Plaintif diwakili firma guaman Norbert Yapp & Associates bersama Azimi Yahya, manakala pihak defendan diwakili Andy Tay & Associates bersama Lawrence Chai serta Peter Soong & Partners.

Dalam tindakan berkenaan, plaintif antara lain memohon deklarasi bahawa Datuk Lo Fui Ming dan Lo Teck Yong didakwa melanggar kewajipan fidusiari, statutori serta kewajipan berwaspada (duty of care).

Mereka turut memohon supaya Resolusi Sementara antara WRSB dan Southsea diisytiharkan terbatal dan tidak sah.

Selain itu, plaintif menuntut pemulangan wang berjumlah RM6 juta yang dibayar kepada Southsea pada 10 Mei 2023, ganti rugi am, ganti rugi melampau serta ganti rugi teladan serta faedah lima peratus setahun.

Sepanjang pemeriksaan balas, saksi mengakui beliau merupakan pengarah WRSB dan pernah berkhidmat sebagai pengarah ganti di Southsea, sekali gus mempunyai akses kepada rekod kewangan serta hak menghadiri dan mengundi dalam mesyuarat lembaga pengarah. Bagaimanapun, beliau mendakwa tidak dijemput menghadiri mesyuarat lembaga pengarah selepas 26 April 2023.

Mahkamah turut diberitahu bahawa saksi tidak merekodkan sebarang bantahan rasmi dalam minit mesyuarat, selain tidak membuat aduan kepada Suruhanjaya Syarikat Malaysia (SSM), Bursa Malaysia atau pihak polis berhubung dakwaan salah urus atau pelantikan Chong Khing Chung sebagai pengarah.

Saksi juga bersetuju bahawa tiada laporan audit forensik atau penemuan kawal selia yang menyokong dakwaannya bahawa syarikat berkenaan dijalankan sebagai “pertunjukan solo” (one-man show), namun beliau tidak bersetuju bahawa dakwaan tersebut sekadar andaian peribadi.

Dalam prosiding sama, mahkamah dimaklumkan bahawa pengambilalihan WRSB oleh Bahvest pada 2015 telah dilaksanakan dengan kelulusan lembaga pengarah dan pemegang saham, selain melibatkan proses usaha wajar (due diligence) oleh penasihat profesional, bank pelaburan dan peguam cara luar.

Perbicaraan ditangguhkan pada jam 1 tengah hari dan akan disambung semula esok.

TAWAU: The civil trial involving AuMas Resources Berhad (Bahvest Resources Berhad) and its wholly owned subsidiary, Wullersdorf Resources Sdn Bhd (WRSB), against Datuk Lo Fui Ming, Lo Teck Yong, Chong Khing Chung and Southsea Gold Sdn Bhd continued before the High Court in Tawau today.

The proceedings, heard before Judicial Commissioner Steve Ritikos, entered its sixth day with the cross-examination of the plaintiffs’ first witness, former AuMas Chief Executive Officer Chong Tzu Khen.

The plaintiffs are represented by Norbert Yapp & Associates together with Azimi Yahya, while the defendants are represented by Andy Tay & Associates alongside Lawrence Chai and Peter Soong & Partners.

Among the reliefs sought, the plaintiffs are seeking declarations that Datuk Lo Fui Ming and Lo Teck Yong breached their fiduciary, statutory and duty of care obligations, and that a Temporary Resolution between WRSB and Southsea is null and void. They are also seeking the return of RM6 million paid to Southsea on May 10, 2023, general, aggravated and exemplary damages, interest at five per cent per annum.

During cross-examination, Chong acknowledged that he was a director of WRSB and had served as an alternate director of Southsea, with access to financial records and entitlement to attend and vote at board meetings.

However, he maintained that he was not invited to attend board meetings after April 26, 2023.

He further agreed that he had not recorded any formal objection in board minutes, nor lodged complaints with the Companies Commission of Malaysia (SSM), Bursa Malaysia or the police regarding the alleged mismanagement or the appointment of Chong Khing Chung as director.

The witness also accepted that there was no forensic audit report or regulatory finding supporting his claim that the company was run as a “one-man show”, but disagreed that his allegations were merely personal assumptions.

The court was told that the 2015 acquisition of WRSB by Bahvest was carried out with board and shareholder approvals, and involved due diligence conducted by professional advisers, investment bankers and external solicitors.

Proceedings were adjourned at 1pm and will resume tomorrow.

KOTA KINABALU: AuMas Resources Bhd (AuMas), dahulunya dikenali sebagai Bahvest Resources Bhd, berjaya keluar daripada tempoh ketidakstabilan korporat menjadi sebuah syarikat pengeluar emas yang menguntungkan dan diuruskan dengan cekap di bawah kepimpinan baharu.

Berikutan pengunduran pemegang saham dan pengurusan terdahulu, syarikat telah melaksanakan Prosedur Operasi Standard (SOP) yang ketat dalam operasi perlombongan dan pentadbirannya. Penstrukturan ini, diterajui pengurusan baharu, penting dalam memulihkan keyakinan pemegang kepentingan. AuMas menjalankan operasi lombong emas Bukit Mantri di Tawau melalui anak syarikat milik penuhnya, Wullersdorf Resources Sdn Bhd (WRSB).

Kini, lombong tersebut beroperasi pada kapasiti penuh dengan menghasilkan jongkong emas doré setiap bulan. Antara sorotan kewangan utama bagi tahun kewangan berakhir September 2024 ialah:

• Pengeluaran emas: 490 kg doré
• Keuntungan bersih: RM32.5 juta
• Dividen diagihkan: Melebihi RM27 juta

Perubahan positif ini berlaku selepas penstrukturan korporat yang bermula pada 1 Jun 2023, susulan tindakan bekas CEO dan pemegang saham utama, Datuk Lo Fui Ming, yang menjual pegangan sahamnya dan meninggalkan kumpulan syarikat termasuk WRSB dan Bahvest Resources Bhd.

Penjelasan Berkenaan Sejarah Pemilikan Bukit Mantri

Sebagai respons kepada laporan media yang mengandungi dakwaan kurang tepat, AuMas memberikan penjelasan berikut berhubung pemilikan dan operasi lombong Bukit Mantri:

• Lombong ini terletak di atas tanah seluas 1,000 hektar di Tawau, pada asalnya dipajak kepada Southsea Gold Sdn Bhd (SGSB) selama 35 tahun bermula 23 Disember 2014.
• Pada 1 Oktober 2015, SGSB telah memajakkan semula tanah seluas 317.7 hektar kepada Wullersdorf Resources Sdn Bhd (WRSB) untuk tempoh 33 tahun. Pada masa itu, Datuk Lo Fui Ming merupakan pengarah dan pemegang saham majoriti dalam kedua-dua syarikat tersebut.
• Pada 13 Januari 2017, Bahvest Resources Bhd (kini AuMas) mengambil alih pemilikan penuh WRSB serta memperoleh Surat Kebenaran (LOC) daripada SGSB untuk tanah tambahan bagi pembinaan loji pemprosesan emas dan empangan tailing. Dalam tempoh ini, Datuk Lo Fui Ming merupakan pemegang saham utama, Pengarah Eksekutif, dan CEO Bahvest.

Siasatan SPRM dan Perubahan Kepimpinan

Pada 16 Mei 2023, Datuk Lo Fui Ming bersama lima lagi eksekutif Bahvest telah ditahan oleh Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) atas dakwaan pengelakan royalti dan pemalsuan dokumen berkaitan jualan emas doré.

Peristiwa ini mencetuskan rombakan lembaga pengarah, dengan Datuk Lo Fui Ming menjual sahamnya dan meletakkan jawatan daripada Bahvest serta WRSB pada 31 Mei 2023.

Sebuah pasukan pengurusan baharu mengambil alih kawalan pada 1 Jun 2023 dan menjalankan siasatan dalaman, yang selesai pada 25 Mei 2024. Siasatan mendapati sebanyak 41 jongkong emas doré yang dihasilkan antara 2019 hingga 31 Mei 2023, tidak direkodkan dalam catatan rasmi jualan oleh pengurusan terdahulu. Laporan polis telah dibuat pada 28 Mei 2024 untuk menyiasat dan mendapatkan semula jongkong emas doré yang hilang itu.

Pematuhan Peraturan dan Penjenamaan Semula Syarikat

Sebagai sebahagian daripada reformasi tadbir urus, AuMas telah bekerjasama dengan:

• Pejabat Tanah Negeri Sabah dan Kementerian Kewangan bagi menetapkan SOP pengeluaran, peleburan dan jualan emas.
• Jabatan Mineral dan Geosains (JMG) bagi memastikan pematuhan penuh dalam aktiviti perlombongan.

Selain itu, pengurusan baharu juga telah menjelaskan tunggakan royalti sebanyak RM11 juta yang ditinggalkan pengurusan terdahulu kepada kerajaan Sabah bagi tahun 2021 dan 2022.

Pada Disember 2024, syarikat menjalani proses penjenamaan semula daripada Bahvest Resources Bhd kepada AuMas Resources Bhd.

Pematuhan Percukaian dan Siasatan Berterusan

Lembaga Hasil Dalam Negeri (LHDN) baru-baru ini telah melengkapkan semakan terhadap AuMas Resources Bhd dan mendapati syarikat bebas daripada sebarang isu percukaian sejak pengambilalihan oleh pengurusan baharu pada Jun 2023.

Walau bagaimanapun, LHDN mengenal pasti liabiliti cukai berkaitan 41 jongkong emas doré yang tidak direkodkan pada era pengurusan terdahulu (2019-Mei 2023), yang kini sedang disiasat secara aktif oleh pihak berkuasa.

Kenyataan Rasmi Mengenai Penglibatan Pemegang Saham

Sebagai respons kepada dakwaan palsu, syarikat dengan tegas menjelaskan bahawa Datuk Freddy Lim tidak terlibat dalam operasi atau pengurusan harian syarikat. Syarikat juga mengesahkan bahawa tiada pemegang saham utamanya yang terlibat dalam pengurusan, operasi, atau jualan emas doré, dan mereka tidak mempunyai hubungan dengan mana-mana pembeli jongkong emas doré tersebut.

Pengurusan akan terus bekerjasama dengan pihak berkuasa untuk mendapatkan semula 41 jongkong emas doré yang tidak direkodkan itu.

Komitmen Terhadap Ketelusan

AuMas mengulangi komitmennya terhadap tadbir urus telus, kecemerlangan operasi, serta pematuhan peraturan. Syarikat menyeru media untuk mendapatkan pengesahan terus daripada pihak pengurusan bagi memastikan laporan tepat.