29 June 2017, Kulim, Kedah & Kuala Lumpur, Malaysia - Packaging company Ire-Tex Corp Bhd had seen series of man-made allegations, deliberately produced personal attack news, strange corporate secretary law-bending, and Bursa announcement vandalism to cause harm and bring down the company in the name of fighting illusional enemies, are actually smoke screen and personal vendetta did by certain directors to prevent shareholders from exercising their rights to remove them from the board.

The risk and benefit are apparent when 2 legal suits by Ire-Tex were dropped and caused the company to suffer RM9.3mil lost. Having such collusion by using Teh Eng Huat, which is the subject person being sued by Ire-Tex as an incentive for their action, is a clear corporate kidnap and robbery where motive had surface out of the smoke screen.

Made-Default of ICULS RM300k interest to "save" or "kill" company?

The most devastating move by director Mak Lin Kum is to kill Ire-Tex business and spend money filling legal suit while deliberately refuse to pay Ire-Tex ICULS interest of mere RM300,000, causing it to default and “pressure Bursa to find ways to default it” by using BursaLink system. Such default is almost impossible, and obviously designed to default.

Market wonder how far such corporate terrorism shall last to plague the capital market and economy as a whole. What if GLCs or bluechips opportunist started to abuse the court process for personal agenda? Lawyers turn lawbreakers, kidnap and take control of PLC becomes a noble act similar to ISIS suicide bombers? Perhaps it's time the country needs a fresh SWAT team to handle corporate terrorism. Until then, the market can only stay sideline to watch the massacre and public slaughter in the hands of the corporate terrorist.

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