MD: Asiaep won’t fall into wrong hands

PETALING JAYA: Asiaep Resources Bhd will not fall into the “wrong hands,” said its managing director Bernard Tan Boon Nunt.

In a statement released, Tan, who founded the information technology firm some 20 years ago said the current board of directors including him had always been acting in the best interest of the company. “Our conscience is clear.”

His comments are in response to reports that certain parties wanted the current board removed, among other things.

Recall, Asiaep was earlier given a contract by Lestari Pasifik Bhd (LP) to build a bio-ethanol processing plant in Shah Alam for Rm1.9mil.

Asiaep said in a statement that LP was “not committal” to the schedule for commencement of work after both companies agreed to work together and as such, the former started probing the parties concerned for updates, and created doubt in the entire project spearheaded by LP. “With this in mind, their remedy was to launch a pre-emptive strike.”

Datuk Dr Clement Tan Wei Loon, who is also chief executive officer of Lestari Pasifik, Tian Ee Intertrade Sdn Bhd and Du Fashui have requested for an EGM to remove Tan, Lee Suet Hong and three other directors – Khor Chai Tian, Chu Khehweeand Lim Ghim Chai from the current board of Asiaep.

Asiaep had earlier placed out 51 million new ordinary shares to Tian Ee Intertrade to raise Rm5.1mil as additional working capital for the bio-ethanol business.

“Only later did Asiaep realise that Tian Ee was in fact, acting in concert with Clement and LP, and was part of a bigger plan to seize control of Asiaep,” Asiaep claimed in the statement.

Tien Ee Intertrade, Du Fashui and Clement collectively hold 11.05% of Asiaep. The substantial shareholders of the ACE Marketlisted firm now include Topclass Access Sdn Bhd (7.46%), Tian Ee Intertrade (6.34%), Lee (2.06%) and Tan (0.24%).