TRI directors resign after power tussle
Tycoon Tajudin Ramli and three associates resigned as directors of Technology Resources Industries Bhd (TRI) today, ending a battle for control of the company with Telekom Malaysia.
Executive director Lim Kheng Yew said the company secretary submitted their resignations to the board at a meeting Wednesday.
"I have resigned and you can safely say that the four of us have tendered our resignations."
Lim said Telekom Malaysia, which has recently accummulated a 31.25 percent stake in TRI, was expected to take over management of the company either Wednesday or Thursday.
TRI said Monday an independent committee would be established to evaluate the proposed merger of its Celcom unit, the country's second biggest mobile phone operator, and Telekom's mobile arm TM Cellular.
Telekom, the single largest shareholder with a 31.25 percent stake, was also committed to a general offer for the remaining TRI shares at a minimum of RM2.75 each, it added.
Tajudin, a close associate of former finance minister Daim Zainuddin, lost control of the last bastions of his empire in April when bad-debt agency Pengurusan Danaharta foreclosed on his pledged stakes in TRI and aviation firm Naluri after he defaulted on loan payments.
But the tycoon had refused to go without a fight and last week created an uproar when he barred proxies of Telekom and the Employees Provident Fund (EPF) from attending TRI's annual meeting on technical grounds.
Telekom complaint
EPF, a party seen as friendly to Telekom, is the third largest shareholder in TRI with an 11 percent stake after Germany's Deutsche Telekom AG with 16 percent.
Tajudin was re-elected TRI chairman at the meeting but Telekom lodged a complaint with the stock exchange and threatened legal action.
The corporate brouhaha led to government mediation headed by Prime Dr Minister Mahathir Mohamad's economic adviser Nor Mohamed Yakcop, resulting in a compromise reached over talks at the weekend.
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