KUALA LUMPUR (June 9): OneTech Solutions Holdings Bhd's (KL:1TECH) former managing director Lau King Yew has initiated legal action against the LEAP Market-listed company over alleged oppressive conduct by its current directors.

Lau is seeking a court declaration that current managing director Tan Yuh Pei and executive director Koh Kean Mum had managed OneTech in an oppressive, neglectful, and unfair manner, which had been detrimental to his interests as a shareholder of the company, according to a bourse filing on Monday (June 9).

Lau is further seeking a court order for Tan and Koh to jointly acquire all 34.63 million shares he holds in OneTech at 20 sen per share — equivalent to the open market price at the time of filing — for a total consideration of RM6.93 million.

In the alternative, he has requested that the court order the company to be wound up, said OneTech.

Lau, who is represented by Messrs Sherlene Lai & Co, is also claiming general, exemplary and compensatory damages from the company, Tan and Koh.

The High Court has fixed the matter for case management on Wednesday via e-review before Senior Assistant Registrar Nur Azalea Hasya Hasrijam.

OneTech said it is in the process of seeking legal advice and will continue to challenge the claims, which it believes are without merit.

The company does not expect any material financial impact from the litigation at this stage, other than legal costs.

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