Asiaep wants a refund

It issues second letter claiming Rm2mil deposit placed in LPB

PETALING JAYA: Asiaep Resources Bhd has issued another letter to Lestari Pasifik Bhd (LPB), demanding the refund of a Rm2mil deposit placed with the latter with regards to an earlier proposed share subscription by Asiaep in LPB.

Asiaep told Bursa Malaysia that on Feb 29, it had issued a letter to LPB to remedy a breach pursuant to Clause 7.6 of the subscription agreement within 14 business days from Feb 29, failing which the proposed subscription should be deemed terminated.

“However, as of on this date upon 14 business days from the above-mentioned date, LPB failed to remedy the breach

“As such, due to the above, Asiaep having no alternative but as on this date, issued another letter to LPB for demanding the refund of Rm2mil deposit placed with LPB,” the information technology firm said.

Asia epwould make the follow-up-announcements should there be any new developments, it said.

On Friday, the board of Asiaep Resources Bhd, led by its executive chairman-cum-managing director Dr Tan Boon Nunt, filed a suit against LPB and seven other defendants namely LPB chief executive officer Datuk Clement Tan Wei Loon, Tian Ee Intertrade Sdn Bhd, Tan Keat Chye, Li Junmin, Du Fashui, Mohamed Jawad Khan and Prof Chin Yew Sin.

The suit sought for the High Court to make orders for claims of damages occasioned to the company and its shareholders, an injunction restraining the defendants from carrying out with the requisition on Feb 9 to remove the entire board of directors of the company, including Boon Nunt, and to replace them with a new board of directors.

Earlier in the week, Tien Ee Intertrade, Du Fashui and Wei Loon, who collectively held 11.05% in Asiaep, had requested an EGM for the company to provide disclosure in relation to the cancellation of a planned private placement exercise.

Prior to that, the same parties had requested for a separate EGM to consider the removal of Asiaep’s co-founders Boon Nunt and Lee Suet Hong as well as three other directors - Khor Chai Tian, Chu Kheh Wee and Lim Ghim Chai.