Kuala Lumpur, 16 December, 2023: The corporate situation at KNM Group Bhd is currently fraught with turmoil following a major development affecting the company’s governance. The Federal Commercial Crime Investigation Department (CCID) has seized a number of important documents from the company’s premises, including those from the Company Secretaries’ office. This action comes amid ongoing investigations into allegations of misconduct at the company.
Commissioner Datuk Seri Ramli Mohamed Yoosuf, the director of the CCID, has confirmed the seizure of documents but refrained from providing further details on the investigation. This move is directly linked to the extraordinary general meeting (EGM) of KNM Group Bhd, where earlier results indicating a very slim win for Tunku Datuk Yaacob Khyra and his board are now facing intense scrutiny.
Adding an unexpected twist to this saga, the EGM’s outcome has come under question following the gifts of KFC vouchers for voting at the EGM. Many vouchers were sent to Shareholders who did not vote in the EGM leading to the discovery of suspected forged proxy forms pledging votes to the whim of the Chairman. These forms, initially believed to have tipped the EGM results in favor of Tunku Yaacob and his associates, are now at the center of the controversy.
Further complicating matters, additional investigations are being conducted in relation to a whistleblower report from earlier this year. This report accuses Tunku Yaacob of fabricating a fraudulent corporate guarantee using MAA Group Bhd (also under Tunku Yaacob’s control) and subsequently covering it up by dismissing directors just days before the guarantee’s manditory activation. If proven, these allegations could have significant repercussions for Tunku Yaacob and the governance of both MAA Group Bhd. and KNM Group Bhd.
In response to these unfolding events, shareholders of KNM Group Bhd are demanding transparency and accountability. There is a growing call for a comprehensive investigation into the alleged misconduct and for appropriate actions against those found responsible for any wrongdoing.
This situation at KNM Group Bhd underscores the critical need for ethical practices in corporate governance. The outcomes of these investigations are expected to have a profound impact on investor confidence and corporate governance standards in Malaysia and potentially beyond.
As more information becomes available, the corporate community and regulatory authorities are closely monitoring the situation, aiming to fully understand the extent of the issues at KNM Group Bhd and to ensure the prevention of similar scenarios in the future.
For more details on the ongoing investigations and the whistleblower report, please visit:
