Broken Tooth Koi, Inix’s new chairman, in the spotlight

A couple of weeks ago, Inix Technologies Bhd announced the appointment of three new directors — 65-year-old Chinese national Wan Kuok Koi as independent non-executive chairman; Datuk Tan Choon Hwa, 63, as non-independent non-executive vice-chairman; and Lee Han Keat, 42, as an executive director.

While news reports have labelled Lee and Tan as Wan’s representatives, their appointments went largely unnoticed, unlike that of Wan’s.

Despite the glowing résumé in the Bursa Malaysia announcement provided by Inix, Wan is better known by his gang moniker, Broken Tooth Koi. He was released from prison in Macau in December 2012 after serving a 14-year sentence for charges including loan-sharking, money laundering and heading a criminal group, news reports say.

Wan was the Dragon Head or head honcho of the infamous 14K triad that operated out of Macau, the former Portuguese colony. It is said his reach spanned many parts of Europe.

“In the 1990s, he was notorious … to have him as a chairman of a publicly listed company, I really don’t know what to say,” comments one market watcher.

A Securities Commission Malaysia (SC) spokesperson says of Wan’s criminal record and appointment as chairman, “Under the Listing Requirements (paragraph 15.05), a person is disqualified from being appointed as a director if he/she has been convicted within the last five years, from the date of conviction or if sentenced to imprisonment, the date of release from prison. In this case, Wan was released from prison in 2012.”

The spokesperson adds, “Under the Companies Act 2016, the right to decide on the appointment and removal of directors rests with the shareholders. The corporate governance regulatory framework requires such appointments to be done carefully, taking into consideration the needs of the board as well as the skills of the director.

“The Listing Requirements (paragraph 2.20A) requires a listed company to ensure each of its directors has the character, experience, integrity, competence and time to discharge his/her role as a director effectively. It is the role of the board, through the Nominating Committee, to see that this is practised (paragraph 15.08A).

“Annually, listed issuers are also required to disclose the board nomination and election process of directors and the criteria used by the committee in the selection process,” the spokesperson states.

The Edge understands that the appointment of Wan as chairman may have stopped the minority shareholders of Inix from seeking to oust certain members of the board, and wrest control of the security systems company.

The feud at Inix

To recap, Inix shareholders Loi Chee Fong and Yeoh Eng Kong had sought to make new appointments to the board because of Inix’s weak financial performance. Loi and Yeoh could not be reached for comment, but sources familiar with Inix say the fight may be over.