OxPay Financial has lodged a police report on March 11 on “certain former employees”, for suspected involvement potential wrongdoings in connection with its 2021 annual general meeting (AGM).
In a March 15 stock exchange filing, the company — formerly known as MC Payment — said the police have been requested to carry out thorough investigations into whether potential wrongdoings have been committed relating to the AGM last year.
OxPay did not name who these former employees are, nor did it specify how many of them are involved.
“The company will update its shareholders if it is informed of any material developments regarding the aforesaid matter,” it said in the statement.
On June 24, 2021, the company issued a circular to its shareholders which contained copies of written statements issued by its controlling shareholder Ching Chiat Kwong which stated that he had been apprised of matters which suggest and led him to believe that certain votes at the company's AGM held on 28 April 2021 may have been manipulated.
“I was informed that shareholders of the company were asked to sign blank proxy forms ahead of the AGM,” wrote Ching. “Upon the shareholders signing the forms without indicating his or her votes in respect of the resolutions, the proxy form was subsequently filled up without the shareholders’ knowledge to indicate votes in favour of resolutions 1, 3, 5 to 9, but against resolutions 2 and 4 at the AGM.”
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Resolution 2 was to re-elect Harry Ng as a director, and resolution 4 was to re-elect Shawn Ching as a director. Both Ng and Shawn Ching failed to garner sufficient votes with 56.69% of votes voting against these two resolutions. The chairman of the AGM was MC Payment's then chairman Albert Cheok.
Shares in Oxpay closed 0.3 cents lower or 1.96% down on March 15 at 15 cents.
