Ah, the peril of chasing a developing story is that you have to keep running with it, at least until there’s some sort of closure.
So bear with me, guys. I’ll try to throw something different after this.
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On Wednesday, I wrote that Wong Thean Soon (TS Wong) and his corporate vehicle, Asia Internet Holdings (AIH), had obtained an ad interim injunction against Zetrix AI’s share registrar, GAP Advisory.
Wong and AIH effectively halted a cash dividend of 2.89 sen per share on nearly 1.9 billion Zetrix shares (roughly RM55.4 million), and demanded new shares under Zetrix’s dividend re-investment plan (DRP) instead.
This was to let Wong keep the equity within his own control. The businessman had endured weeks of margin calls after shares in his mothership, Zetrix, and other investee firms tumbled.
Which made the suit, on the surface, bizarre: he was suing his own company’s share registrar, even as his company (Zetrix) kept him unnamed in the bourse filings disclosing the injunction.
Wong wanted to prevent cash distributions from being channelled to the institutional brokers and banks that financed his shareholdings.
Despite the move to halt the payout, the tycoon met legal resistance this week from three major investment banks, each intervening in his suit to set aside the injunction.