English

MESSAGE FROM THE CEO

Conflicts of Interest – Directors of PLCs Who Sit on Boards of Institutional Investors that Invest in the Directors’ PLCs

The concept of ‘conflict of interest’ is premised on one of the limbs of natural justice…’no man shall sit in judgment of his own course’ (Nemo judex in causa sua in Latin).

09.11.2018

MESSAGE FROM THE CEO

Country Heights ICO (and Cryptocurrency)

99.995% (in total number of shares) ‘approved’ the resolution on the issuance of the Initial Coin Offering (ICO) (dubbed the Horse Currency) of Country Heights Holdings Berhad (CHHB) at CHHB’s EGM held on 8 November 2018.

But was it an ‘approval’, per se, as reported in the media or was it ‘buy-in’ prior to an actual approval later?

We need to look at the wordings of the resolution which is reproduced below (with certain words highlighted in bold by us):

“The Board of Directors of CHHB wishes to seek the support and endorsement from the shareholders for the Company to embark on an Initial Coin Offering to issue the Company’s own asset-backed cryptocurrency, tentatively called ‘Horse Currency’ at the forthcoming Extraordinary General Meeting of the Company scheduled to be held on Thursday, 8 November 2018.”

Based on the above wording, the EGM was merely ‘to seek the support and endorsement’, just for CHHB to ‘embark’ on the ICO journey.

So, the outcome of the EGM, is only an approval-in-principle.