Top Sabahan technopreneur personality in trouble
October 2nd, 2007
FTEC Resources Bhd (FRB) was founded by Sabahan Kenneth Vun in 1994. From being a computer assemblerin Kota Kinabalu, it has grown into a regionally recognised hardware manufacturer. It even has its own production facility in Petaling Jaya, Selangor. Not many Sabahan ICT companies can attest to that.
Mr Vun currently also sits on the Boards of Lien Hoe Corporation Berhad as an Executive Director, and Supercomal Technologies Berhad as a Non-Independent and Non-Executive Director. He currently also sits on the Board of Nucleus Electronics Limited, a mainboard listed company in Singapore, as an Executive Chairman.In recognition of the success in his career path, He was bestowed “The Outstanding Young Malaysian Award” under the category of “Business, Economic and/ or Entrepreneurial Accomplishment” by the Junior Chamber, Malaysia in the year 2003 and 2006. He was also selected as one of the Top 3 Nominees in the ICT Entrepreneur category of “The Ernst & Young Entrepreneur of the Year” in Malaysia in 2004. In addition, Mr Vun was also been awarded as one of the “Malaysia’s Key Industry Leader” by PIKOM (the Multimedia & Computer Association of Malaysia) in 2006.
Unfortunately, recently he’s been making the wrong headlines, where it was reported in local press that the Securities Commission (SC) has filed a landmark suit on 26th September 2007 compel FTEC MD, President and shareholder Kenneth Vun to restitute RM2.5mil to the company.
Top Sabahan “supermodel” Amber Chia was (still is?) an FTEC Ambassador, she might not be too pleased now?!
Quoting the newsreport:
The SC in a statement on Monday said the sum represented part of proceeds raised by FRB in an initial public offering in 2003.
The commission’s investigation into the utilisation of the public issue proceeds had uncovered that Vun had utilised a portion of the proceeds for his own benefit and personal use, it said.
“The utilisation of proceeds was not in compliance with the conditions set by the SC in the listing approval of FRB.
“Findings further revealed that Vun’s personal utilisation of the proceeds had not been reflected in the FRB Groups’ unaudited quarterly financial statements for the first quarter ending on 31 March, 2004 released to Bursa Malaysia Securities Bhd,” the commission said.
The SC added that adopting a strategic approach to enforcement, it was increasingly tapping on its civil enforcement powers to ensure effective and efficient remedies, whilst continuing to take criminal actions in appropriate cases.
“The action against Kenneth Vun is one of the numerous civil enforcement action undertaken by the SC recently against directors of public listed companies for corporate governance misdeeds.
“These actions serve as a reminder that it is the responsibility of directors to act in an honest and accountable manner in discharging their duties, and especially when dealing with public funds,” it said.
