Kenmark Holdings Bhd, which plunged into controversy last month with the mysterious disappearance of its managing director James Hwang, yesterday announced that it had resumed its printing operations while its other divisions located in Port Klang have completed all outstanding orders.
“The wood division and plastic and mould division have completed all outstanding orders and the company is now pursuing new work orders from existing and potential new customers,” the company said in an annoucement yesterday.
Kenmark, which manufactures furniture, also has a plant in Vietnam apart from its operations in Port Klang. But the plant has not been able to commence operations as the Taiwanese key management staff have not returned to the plant, nor can they be contacted.
Late May, Kenmark plunged into controversy when two directors announced to Bursa Malaysia that the managing director and key officials could not be contacted and the creditors had sealed the company’s factory in Port Klang. Subsequently, in the first week of June Datuk Ishak Ismail emerged as a substantial shareholder of Kenmark when others were dumping the stock. Hwang later announced that he would return but has not come back so far.
Meanwhile, Ishak sold his block making a gain of RM10.2 million. But the Securities Commission (SC) took an injunction to stop Ishak from taking hold of the proceeds on the grounds of suspected breach of securities law.
So far, no charges have been filed.Kenmark is a PN1 listed issuer as the company has defaulted on its loans and not been able to provide a solvency declaration. An auditor has been appointed to look into the books and is still assessing its financial position.
This article appeared in The Edge Financial Daily, July 22, 2010.
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