Revenue Group Saga Springs Yet Another Surprise

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Brian Ng (left) and Dino Ng said this was “not the end of the road” for them in the payment solutions space.PETALING JAYA: Revenue Group Bhd co-founders and former executive directors Brian Ng and Dino Ng have announced their immediate resignation from the company’s board.
In a statement released this evening, the brothers said they were “pained” to announce their resignation from the board of a company they founded and built up.
“Regrettably, we can no longer be part of this company. It pains us to do so (resign) because this is a tech company that we have founded and built from scratch since 2003,” they said.
The brothers, who collectively hold the largest shareholding bloc (23.7%) in the company, had originally been suspended by the board on Jan 4 pending investigation into certain complaints made against them.
They were subsequently arrested by the Malaysian Anti-Corruption Commission (MACC), and charged in the sessions court on March 14 under Section 403 of the penal code for fraudulent disposal of a company asset, made five years ago.
The charge relates to the brothers allegedly causing a bank officer to dispose of a Toyota Vellfire, an asset belonging to Revenue Group, without the approval of the company’s board.
Spate of resignations
The brothers’ decision to quit is the second high-profile resignation from the board in a week. On the same day (March 14) the brothers were charged in court, MD cum alternate chairman Eddie Ng resigned after disposing his entire stake of 25.34 million shares.
In a Bursa Malaysia filing, the group said Eddie’s resignation was due to “personal matters”.
Also on the same day, two independent non-executive directors – Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong – resigned after three other executives Lai Wei Keat, Ooi Guan Hoe and Loo Jo Anne had quit on March 3.
In their statement today, Brian and Dino doubled down on the “baseless allegations” made against them and went on to say they could no longer be “guests in their own home”.
“As you would have known, there has been attempts to take over Revenue Group that commenced since December 2022, and oust us from our company.
“Many baseless allegations have been levelled against us to achieve this end. Rest assured that we will fervently defend ourselves against these allegations at the appropriate forum and we are confident of succeeding,” they said.
They said the current directors are “foreign to Revenue Group’s core business”.
“We do not want to continue to be associated with the current board of directors. Our integrity is something we jealously guard,” they said.
Moving forward, Brian and Dino said this was not the end of the road for them in the payment solutions space.
“The future of payment solutions remains promising. We would like to thank our supporters, customers, and staff throughout the years.”
They said the Revenue Group ethos, ‘payment is technology’, would continue to live within them until they were able to find a new company to call their home. - FMT

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