Wintoni wound up on High Court orders

PETALING JAYA: Guidance Note 3 (GN 3) company Wintoni Group Bhd, which is in the provision of business solutions and designing automation systems, has been wound up by order of the High Court of Malaya dated Aug 17, upon petition by a creditor.

This comes despite the financially distressed company’s submission of its revamp plans to Bursa Malaysia Securities Bhd last month, which entailed a new business direction to improve its financial performance. Details of the plan were not revealed.

Wintoni told Bursa Malaysia yesterday that Mohd Afrizan Husain had been appointed as the liquidator of the winding up exercise.

Worth noting is that last March, Wintoni entered into a non-legally binding memorandum of understanding, which will see Techway Engineering Sdn Bhd taking over the listing status of Wintoni through a reverse takeover exercise. However, no firm plan was announced thereafter. Wintoni has been on the market radar with its on-going boardroom tussles.

On June 19, 2017, Wintoni announced it had lodged a police report on possible wrongdoings by its former director Datuk Tey Por Yee, believed to have caused RM53 million being unaccounted for and/or misappropriated from the company. It was requested that the case be investigated under the Penal Code and Anti Money Laundering and Anti Terrorism Act.