KUALA LUMPUR (Sept 20): OneTech Solutions Holdings Bhd’s major shareholder and former managing director Lau King Yew has made a fresh request for an extraordinary general meeting (EGM) of the company after his earlier requisition was rejected by the board.

Lau is again seeking the EGM to vote on four resolutions that, among others, call for salary and benefit limits for current managing director Tan Yuh Pei and executive director Koh Kean Mum, and a re-audit of the software solutions provider's financials.

His earlier EGM request made on Sept 13 was rejected by the board two days later, including on grounds that the meeting and resolutions sought are invalid.

Lau owns a 45% stake in OneTech, which is listed on the LEAP Market of Bursa Malaysia.

In his new request made on Tuesday — filed with Bursa Malaysia by the company on Wednesday — Lau claimed that OneTech, under the administration of Tan and Koh since November 2022, had experienced a "tremendous loss" of RM661,518 for the half year ended June 30, 2023 (1HFY20230).

“I have written in on Sept 4 to request for a meeting to explain and scrutinise the unaudited financial statement [for 1HFY2023] but the board rejected (the request).

“The board just clarified in a written reply that the loss was due to decrease in revenue, increase in payroll costs and one-off out-of-court settlement [with Lau]," he said.

Lau, however, claimed that based on the financial statement for 1HFY2023, "the obvious increase is the administrative and selling expenses”.

The former managing director wants OneTech to limit Tan and Koh's salary and benefit in kind to RM5,000 each per month.

He also wants the company to appoint an independent auditor to re-audit its financials, and an internal control auditor to review its internal control policy for better governance.

The out-of-court settlement between OneTech and Lau was signed on May 8 to resolve a dispute and absolved both parties of any liabilities. It included a settlement payment of RM160,000 to Lau by One ERP Solutions Sdn Bhd, a wholly-owned subsidiary of OneTech.

OneTech's shares closed unchanged at 20 sen with a market capitalisation at RM15.39 million.

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