KUALA LUMPUR: SMTrack Bhd has refuted accusations on its involvement in the current radio-frequency identification (RFID) projects and will take actions to protect its integrity and affect investors' confidence.
In denying the allegation of its involvement at the RFID projects for toll plazas, deputy executive chairman Azmi Osman said as a company that specialises in RFID solutions, the company believe in the value-add that this technology will bring to the community.
"We are confident that the introduction of RFID at toll plazas would improve efficiency and traffic.
"This is because proper tests have been conducted, and it has been in use for more than two years," he said in a statement today.
Aside from that, Azmi also refutes the allegations that Datuk Saiful Nizam Mohd Yusoff as an independent non-executive director is related to his political connections.
"The appointment of Saiful Nizam has nothing to do with his political connections, and it has been done based solely on his merits and experience.
"The company would not discriminate against any individuals based on their background and would take extra measures to disclose any potential conflict of interest if there were any.
"As an independent director Saiful Nizam is not involved in the day-to-day business decisions and operations," Azmi said.
Meanwhile, despite becoming a significant stakeholder, SMTrack has denied Tan Sri Lee Kim Yew's involvement in lobbying for the company's projects.
"SMTrack is a public-listed entity, and any investor who has confidence with the company could invest via the open market.
"We are proud that Lee sees the potential in the company and has taken the decision based on his investment capacity.
"However, we would like to reiterate that Lee is not part of the SMTrack's strategic and operation team and is not involved in any projects lobbying for the company," Azmi said.
On 29 December 2021, Lee acquired 28.5 million shares in SMTrack or a 5.05 per cent stake.
Azmi said the political propaganda spread against SMTrack is irresponsible.
The ongoing RFID saga was covered by former Prime Minister Datuk Seri Najib Razak on his Facebook posting and also various online news portals, and SMTrack was tied to these controversies.
Azmi said these baseless accusations and lies by irresponsible parties would confuse the public destroy the reputation of the listed entity and the integrity of Malaysia's capital market, and confuse the public on the benefits of RFID technology.
Azmi said these baseless accusations would harm the integrity of the company and Malaysia's capital market, which is vital to drive growth in the country.
"Therefore, we plead to the government and enforcers to take action against parties responsible for such lies.
"The company will not hesitate to take legal action against these baseless accusations to protect its integrity," Azmi said.
"If these baseless accusations led to the departure of prominent investors and credible leaders such as Lee and Saiful Nizam, there will be a damaging impact to SMTrack's reputation, financial performance and even share prices.
"Therefore, I plead for both Lee and Saiful Nizam to remain with the company," Azmi said.