EcoWorld has confirmed reports published by Business Weekly on its application to MYSJ on the removal of two directors from its board, namely., Shahril Shamsuddin and Anuar Rozhan.
The property developer via its wholly-owned subsidiary Hasrat Budi Sdn Bhd has filed an originating summons seeking the removal of Tan Sri Shahril Shamsuddin and Anuar Rozhan as directors of MYSJ Sdn Bhd as reported in the said article. HBSB has a 10% stake in MYSJ and is entitled to one board seat in MYSJ. However, as an investor, HBSB said it is not involved in the management or day-to-day operations of MYSJ.
The legal action was filed to insist on HBSB’s strict contractual rights pursuant to a shareholders’ agreement in relation to its shareholding in MYSJ and it is not expected to have any material impact on the financial position of the Company.
The Company also confirms that HBSB has recently exercised its put option to recover its investment and funding costs under the shareholders’ agreement which requires Entomo Malaysia Sdn Bhd and Raveenderen A/L Ramamoothie to purchase HBSB’s existing 10% stake in MYSJ.
Management issues pertaining to the MySejahtera owned MySJ have become a national concern after CodeBlue highlighted the chronology of events starting from the development of the Covid-19 app and the boardroom tussle that is taking place at this moment.
38 million people’s database is stored in the app and worries about harvesting these data for reasons other than Covid-19 related continued to be of grave concern.