The meeting is rigged and minority unit owners are oppressed. Conflict of interest parties can vote to favor themselves, Q&A session were manipulated that most questions are filtered, so the opinion of non-interest unit holders are silenced. Really bad corporate governance, shame of the board and management team.

Bad corporate governance and oppress minority unit owners. The board and manager need to be changed before the REIT can perform.

By the way, last time when 1MDB case first blown up and Ambank got fined by BNM few years back, some wise investor did warn us that this event will not end so easily, and requesting to held executives accountable, but some smart ass on the floor condemn him for not looking forward. Anyway, looking back now, i thank him as i cut quite a substantial stake then. Whoever he is, good job and thank you.

Shortsighted view will only lead you to chopping board. I understand there are a group of investors only matter about the price but not fundamental nor corporate governance. This explain why we often see major shareholders burns billions, collapse a company, still can get away, and investors still line up behind its next chopping board... I guess you are right, we as a community deserve it, because we only matters for money, forget what is right or wrong, forget that is is the accountability that can avoid it from happening again. Good luck.

**********************************************
** What AMMB Board and Management scare of? **
**********************************************

This morning AGM has demonstrated a serious corporate governance issue in the bank, and reveal what they scare of...

(1) To start, there are many shareholders emailed in their pre-AGM questions accordingly to their administrative guidelines, however, all are being filtered. Only big shots, like PNB, MSWG and KWAP, questions are presented and answered. All other minority shareholders pre-AGM questions are ignored. This suggested that AMMB are treating shareholders differently, only entertain big funds, while ignoring all other shareholders, especially retail investors.

(2) Then during live questions, the board and management had also only picked simple questions to answer, while filtered all the difficult questions.
(3) Moderator also blatantly declare no other questions were received to quickly end the Q&A session, but instead, there are many questioned posted but unanswered.

I presume some of these questions had touched their nerves that they try to avoid. They probably scare to face these questions. Let's take a look at some of these filtered questions:
(1) Our bank pays RM2.83 billion to MoF to settle the misconduct case in the 1MDB bond. Understand that this amount represented more than 50% of the bond total value, and more than 5 times the fee that Ambank received. Considering that the money raised is not siphoned by Ambank, why do we need to pay such a big amount to cover the 1MDB loss? What is the rationale for reaching this amount?

(2) The 1MDB settlement amount of RM2.83 billion is a great detriment to our company, it is equivalent to more than 30% to market cap, more than 14% to total equity and almost 3 years of group core earnings. This transaction is obviously material in terms of amount and nature, why does this transaction does not require shareholder approval?

(3) The media reported that our the bank helped middlemen to gain in 1MDB bond fundraising process, which seems like a type of kickback.
a) Are these types of kickback to middlemen common in our bank, and in the banking industry?
b) Are these types of practices legal?
c) Are the board at that time, aware of these arrangements?
d) If it is illegal, why none of the previous bank officers who were involved, and current/previous board members who approved these transactions are held responsible?
e) Are AMMB paying this big sum to MoF to protect this group of people from being charged, but in the expenses of other shareholders?
f) Do our board planning to crawl back the loss from executives and board members who were responsible?
(4) FY2021 reported big one-off exceptional items, such as 1MDB settlement, goodwill impairment and REIT impairment, which total RM4.77 billion. This would significantly reduce the total equity of our bank, and hence artificially raise the ROE.  Will the KPI of management be adjusted accordingly? If so, please share the before and after KPI for our management.
Shareholders who posted difficult questions during the AGM were not trying to make them look bad, instead are trying to express their concerns, and at the same time, give BOD and management an opportunity to explain/defend themselves. However, it appears that our BOD and management are too frightened to answer these questions? Or, their IR department has higher power that can stop the questions to them? Whatever it is, this illustrated serious corporate governance and transparency issues.

Since shareholders questions were being filtered by the BOD and management in the AGM, let us all post these questions here, so that we can have a better picture of areas which are possible a big red flag.

Not sure big investors like MBL still have shares or not? If got, may want to fight for higher price? I will wait and see, will not accept for now, as there are until 7th April, likely keep extending until they collect enough, then need to offer to everyone.

Indeed, based on 5th Mar 2021 announcement, 3 senior officers (Managing Director of Wholesale Banking, Group Chief Risk Officer, Managing Director, Business Banking) sold total around 220,000 shares at share price around RM3.66/s, amounting around RM805,200.

Furthermore, SOLD AT RM3.66/s and ALL THEIR SHARES? They must be smart...

Indeed very suspicious, should really investigate whether involving insider trading.

If authorities just choose not to investigation nor action, then they are really sleeping...

Investigation should also to major shareholders, see whether they have enter into any creative channel like derivative to protect their investment before the announcement.

***************************************************
AMBANK AND MOF HAS TREATED SHAREHOLDERS LIKE FOOLS!
***************************************************

We should all voted against all resolutions in the coming AGMs, and keep sending in complain letter to Bursa and SC.

(1) MOF goes after Ambank to recover the loss of their own governance mistakes are very irresponsible.

(2) Those culprit who cheated 1MDB money and those senior Ambank executives who enjoyed big bonus (may be more than that) still walk away free and enjoying the money, while Ambank shareholders counting general public, EPF and PNB pay for it.

(3) There are no single Ambank senior executive being prosecuted in the event, while shareholders bear the liability.

(4) The negotiation probably has been going for months or even years, i don't believe such large amount is decided only by days, which AMMB should have warn shareholders, but instead keep us in the dark.

(5) Ambank management had mislead shareholders multiple time in the previous AGM saying that the 1MDB case are already settled after paying BNM fine.

(6) Major shareholders who have rep in the board, must have known about it, which may have done something to protect their investment. This may also explain why Ambank are traded in such a big discount to its asset.

(7) The amount is so big that represent about 15% of equity and 30% of market cap, by right this has breach all SC/Bursa set threshold, but why this do not need to be voted by all shareholders? Does it mean when it comes to MoF, they enjoy double standard?

If we continue to keep quiet, we are basically allowing them to keep bullying us.

AMBANK AND MOF HAS TREATED SHAREHOLDERS LIKE FOOLS!

We should all voted against all resolutions in the coming AGMs, and keep sending in complain letter to Bursa and SC.

(1) MOF goes after Ambank to recover the loss of their own governance mistakes are very irresponsible.

(2) Those culprit who cheated 1MDB money and those senior Ambank executives who enjoyed big bonus (may be more than that) still walk away free and enjoying the money, while Ambank shareholders counting general public, EPF and PNB pay for it.

(3) There are no single Ambank senior executive being prosecuted in the event, while shareholders bear the liability.

(4) The negotiation probably has been going for months or even years, i don't believe such large amount is decided only by days, which AMMB should have warn shareholders, but instead keep us in the dark.

(5) Ambank management had mislead shareholders multiple time in the previous AGM saying that the 1MDB case are already settled after paying BNM fine.

(6) Major shareholders who have rep in the board, must have known about it, which may have done something to protect their investment. This may also explain why Ambank are traded in such a big discount to its asset.

(7) The amount is so big that represent about 15% of equity and 30% of market cap, by right this has breach all SC/Bursa set threshold, but why this do not need to be voted by all shareholders? Does it mean when it comes to MoF, they enjoy double standard?

If we continue to keep quiet, we are basically allowing them to keep bullying us.

AMBANK AND MOF HAS TREATED SHAREHOLDERS LIKE FOOLS!

We should all voted against all resolutions in the coming AGMs, and keep sending in complain letter to Bursa and SC.

(1) MOF goes after Ambank to recover the loss of their own governance mistakes are very irresponsible.

(2) Those culprit who cheated 1MDB money and those senior Ambank executives who enjoyed big bonus (may be more than that) still walk away free and enjoying the money, while Ambank shareholders counting general public, EPF and PNB pay for it.

(3) There are no single Ambank senior executive being prosecuted in the event, while shareholders bear the liability.

(4) The negotiation probably has been going for months or even years, i don't believe such large amount is decided only by days, which AMMB should have warn shareholders, but instead keep us in the dark.

(5) Ambank management had mislead shareholders multiple time in the previous AGM saying that the 1MDB case are already settled after paying BNM fine.

(6) Major shareholders who have rep in the board, must have known about it, which may have done something to protect their investment. This may also explain why Ambank are traded in such a big discount to its asset.

(7) The amount is so big that represent about 15% of equity and 30% of market cap, by right this has breach all SC/Bursa set threshold, but why this do not need to be voted by all shareholders? Does it mean when it comes to MoF, they enjoy double standard?

If we continue to keep quiet, we are basically allowing them to keep bullying us.

Tengku Zafrul and MoF should go hard out on Jho Low, those 1MDB former officials and culprits to recover the money. Now that they failed to recover the money from these real culprits, now finding scapegoat to recover the 1MDB money?

Ambank shareholders are also general public, EPF and local funds, general public is also depositors. Does this means that, in future if government borrow the money and lose it due to their own bad corporate governance, banks will have to pay for their mistakes? Using this type of bullying and unfair act to cover up their failure will only leave a bad name.

This is very unfair, those real culprit still hiding and enjoying the stolen money, while Ambank has became the easy target and scapegoat that have to pay for the government mistake, using shareholders' money! Where got justice?

Recently it suddenly change the auditor Messrs ChengCo PLT, yesterday news finally explains why, it is because Kawan Food auditor ChengCo being punished and prohibited from taking audit job by SC, due to non-compliance.

ChengCo has been Kawan Food auditor for the past few years, this make me worry whether Kawan Food account also has non-compliance issues?

I think management should come out to clarify and give confidence to shareholders in this matter, rather just cover it up saying that change of Auditor is due to rotation requirement.

Hong Leong Bank's HLeBroking is getting worse, keep cutting cost to ramp up profit, service is getting bad, analysts report is also very shallow, now even want to discontinue the service of emailing the statement. I think i have to start looking for other broker.

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EMPIRE CASE IS NOT THE FIRST TIME, AND WILL ALSO NOT BE LAST
*******************************************************************************

Genting's Lim Family has track records of selling bad business to shareholders in high price, then eventually failed and write off whole business.

One example is back in 2008, it sell WALKER DIGITAL GAMING to shareholder for USD69 million, only to write off the whole business in 2 years time.

The only way to change this is to change these bad puppet directors:

TAN SRI DATO’ SERI ALWI JANTAN,
MR QUAH CHEK TIN, T
AN SRI DATUK CLIFFORDFRANCIS HERBERT,
DATO’ KOH HONG SUN,
GEN. DATO’ SERI DIRAJA TAN SRI (DR.) MOHD ZAHIDI BIN HJ ZAINUDDIN (R),
MR TEO ENG SIONG,
MADAM CHONG KWAI YING

----------------------------

Also, for the Walker Digital Gaming Case, directors that are responsible are:

Tun Mohammed Hanif bin Omar
Tan Sri Alwi Jantan
Mr Quah Chek Tin
Tan Sri Wan Sidek bin Hj Wan Abdul Rahman
Tan Sri Dr. Lin See Yan
Tan Sri Clifford Francis HERBErt
General (R) TAN SRI MOHD ZAHIDI BIN HJ ZAINUDDIN

These are the bad directors that suck up to their boss by causing shareholders to lose their hard-earned money. I think if they have dignity, they should resign.

We despise them, we should avoid companies where they sits in as board of directors, and if we see them at the public, we should condemn them.

Use our money to bail out TS Lim's bankrupt company Empire is so unfair. We are should write to bursa to complaint, the company purposely make the ratio low, do not include future capital injection requirements, so to avoid requiring shareholders to vote, this is abuse the loophole in Bursa rules. If Bursa just sit on it and do not interfere, then it is more secure to trade in SGX, which they act promptly to abuse cases.

Impact of buying into Empire impact - abstracts from UOB and other reports:

1. Will first need to fork out RM630 million to buy the 49% Empire, which is in the brink of bankruptcy.
2. Will drag GenM profit down by 8% every years afterward, assuming Empire make same loss of USD138 million.
3. Then, will likely need to inject more money to pay down the USD522 million debt.
4. After that, will likely need to inject more money for its USD1.5 billion development plan.

I Wonder what is the chances of turning around, after Empires trying for so many years but still failed.

Pump in so much money for a lost making business, and with minimal hope of turning around, if this is not bailing out major shareholder, i not sure what to call this.

I hope Genting group of companies will not be sucked dry by these one after another RPT transactions and controversial transactions: Selling GenHK below cost to Lim family, Buying Equanimity, buyinng empires from Lim family, giving money to 1 Malaysia charity etc etc, not to mention every year's recurring huge amount RPT transaction with Kien Huat...

Good luck for us as minority shareholders ><"""""

As an investor and businessman, why am i not selling?

First, i am not selling a dollar worth of things for 50 cents, in loss! And, i don't like to get bullied.

Secondly, even eventually the company being taken private, i am ok with holding private company shares. The Lim family together with Dymon Equity Private Equity Fund, taking the company private for reasons. My bet is they will do some big exercises, then relist the company in future with a much higher valuation.

This is no secret, a lot of major shareholders had been doing so, delist the company with cheap valuation, then relist it with very expensive valuation, examples are Magnum, Astro, Leong Hup, Titan Chemical, and many others. Often, they pay out excess cash as dividends very soon after controlling 100%. Sometimes i seriously not understand why Bursa and SC can just sit there and watch this types of unfair event happen and happen again, so unfair to retail investors.

Finally, being shareholders of private companies, if they dare to oppress minority shareholders, we can still fight them using company law, take them to court, or go to press. We can drag on forever with them if they make unreasonable transactions, this can be detriment for their plans, and i don't think they want this.

Thumbs up for SGX!!!

SGX recently amend the rules to make Privatizing Rules to be more fair to Independent / Minority shareholders in privatization case:

(1) The offer price must be BOTH "Fair" and "Reasonable"

(2) To vote for delisting the company, the interested Joint Offerors cannot vote, it will need 75% yes from the independent shareholders.

I praise SGX's speed and bold actions in patching cracks in their old rules. With this rules, i think major shareholders can no longer so easy to take minority shareholders advantages, and it is much more fair now.

If Bursa follow this amendment, then we will be more protected!

We should all complaint and feedback to Bursa, asking them to follow SGX, it is obvious that the current privatization rules and delisting rules, is very weak and often being abused by major shareholders.

If Bursa eventually choose to stick back to their old defective rules, we should all just more our investment to SGX, which has a more complete and fairer playing ground.

Simple, wait for next AGM / EGM, when the circular send to you (or you download from bursa announcement), fill up the proxy form to vote against all resolution. This can send them a clear message.

In worse case scenario, even after our struggle failed, it is delisted and became private company, based on company law, they still need to send shareholders the AGM ang EGM notice, allowing us to vote accordingly.

For every minority shareholders, we can protest by vote against every resolutions from now on. It may not have much impact for normal resolutions; however, for related party transaction, which major shareholder cannot vote, will be significant! I understand few minority planning to do so, me too, i will do so to protest, unless major shareholder revise the price to a more reasonable level.