Tee Keat's men bow out of The Star
Three key figures in Star Publications (Malaysia) Bhd did not seek re-election to their respective posts during the company’s annual general meeting this morning.
Three key figures in Star Publications (Malaysia) Bhd did not seek re-election to their respective posts during the company’s annual general meeting this morning.
The trio are executive director Ng Beng Lye (
right
) and two non-executive directors Sak Cheng Lum and Tan Foong Luen.
The move is expected to pave way for political appointees by newly-minted MCA president Dr Chua Soi Lek, to further tighten his grip on the profitable media company.
During the AGM in Petaling Jaya this morning, there were three resolutions concerning the re-election of the trio which were supposed to be voted on, but all three resolutions were dropped without any reason given.
The AGM lasted only one hour and the board of directors rushed off for a meeting without speaking to the press.
The board is expected to discuss the restructuring of the board and they are expected to release a press statement later today.
'No reason'
When approached by reporters, Ng confirmed that he, together with Sak and Tan, did not seek re-election.
When probed further on their decision, Ng said: “(We resigned for) no particular reason”.
Ng and Star Publications executive deputy chairperson Clement Hii were considered political appointees of former MCA president Ong Tee Keat.
Previously, rumours were rife that they would be shown the exit to allow for the appointment of Chua’s men.
Rumours are also rife that The Edge’s editor-in-chief Ho Kay Tat would be replacing either Hii or Ng.
Kuah Hun Liang is non-executive chairman
Later in the afternoon, The Star made an announcement through Bursa Malaysia, that all the resolutions set out in the Notice of Meeting dated 30 April 2010 were duly adopted with the exception of the proposed resolutions for the re-election of Sak Cheng Lum, Ng Beng Lye and Tan Foong Luen.
“The said resolutions were not considered by the meeting as Sak and Ng who retired by rotation, did not offer themselves for re-election. “
“Tan who retired pursuant to Article 101 of the Company's Articles of Association also did not offer himself for re-election.”
In separate announcements to Bursa Malaysia,
The Star
also has appointed Kuah Hun Liang (
left
) as non-executive chairman and two new directors to the board.
The company said Kuah would be joining the board as an independent director together with Lee Siang Chin while Vincent Lee Fook Long would join the board as a non-independent director.
Kuah, 48, has more than 23 years experience in the financial markets having started his career in Public Bank Berhad in 1983.
He has an honours degree in applied economics from University of East London and is currently an independent non-executive director of Loh & Loh Corporation Berhad and Rexit Berhad.
Kuah was also the former CEO and managing director of Deutsche Bank (Malaysia) Berhad and former board member and treasurer of the Malaysian-German Chamber of Commerce.
Vincent, 56, widely regarded as one of Malaysia’s best brand builders, is the brain behind the success of many high profile and notable brands in the market.
He is the founder of Naga DDB Sdn Bhd, the largest advertising and communications agency in Malaysia, under the umbrella of Foetus International.
Vincent who has a degree in mass communications from the Institute of Marketing, London is also the president of the Association of Accredited Advertising Agents of Malaysia (4A’s).
He also sits on the board of numerous associations and organisations including as chairman of the Audit Bureau of Circulation (ABC) and member of the National Branding Task Force of Malaysia External Trade Development Corporation (Matrade) amongst others.
Siang Chin, 61, is an independent non-executive director of several organizations including Value Partners Group Ltd, Hong Kong (A Hong Kong Stock Exchange listed fund management Co focusing on Greater China), AmFutures Sdn Bhd, Am Investment Services Bhd, Uni Asia Life Assurance Bhd.
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