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Wednesday, January 27, 2010

MK Land denies dispute

PETALING JAYA: MK Land Holdings Bhd has denied that there is a dispute in the internal management of the company and a vacuum exists in the management.

General manager of its legal department, Preetie Boler, said in a statement that contrary to the StarBiz report yesterday, MK Land shares probably dipped because of the overall market downturn and not due to a management dispute.

According to her, executive chairman Tan Sri Mustapha Kamal Abu Bakar is still leading the company.

Boler said it was untrue that Lau Shu Chuan was appointed together with the three senior executives – R. Balasundram, Fatimah Wahab and Yusof Abu Othman – in November 2008. “Lau has in fact served the company since March 7, 2000 and appointed chief operating office in September 2004,” she said.

She said the company was “intensely moving ahead” with its three-pronged approach – sales of properties, cost-control measures and a corporate exercise – to strengthen its position as unanimously approved by its board of directors.

“The company has even appointed Hong Leong Investment Bank Bhd to undertake the exercise and an announcement was made by Hong Leong Investment Bank to Bursa Malaysia on Jan 14.

“Meanwhile, the company has gone ahead to appoint professionals such as advisors, valuers and lawyers to implement the corporate exercise,” she said.

Boler said it was normal for every company to have a succession plan, and internal management changes or reshuffling were an ongoing process for the betterment of the company.

By The Star

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