KUALA LUMPUR, PeterLabs Holdings Bhd announced that it has reached an amicable resolution with its substantial shareholders — former executive director Datuk Loh Saw Foong and his wife, Datin Lin Ching Yein — effectively ending all disputes between the parties related to the company and its subsidiaries.
In a joint statement on Tuesday, PeterLabs, together with its subsidiaries PeterLabs Sdn Bhd (PSB) and Thye On Tong Trading Sdn Bhd (TOTT), confirmed the signing of a settlement agreement with Loh and Lin. The agreement, they said, represents the mutual intention of all parties to achieve “finality and closure” regarding issues tied to the management, operations and affairs of PeterLabs, PSB and TOTT.
While specific details of the settlement were not disclosed, the agreement brings to a close a series of disputes that began in May this year. The conflict stemmed from an internal investigation into alleged misconduct by Loh, which led to his temporary suspension. The probe also prompted an investigation by the Malaysian Anti-Corruption Commission (MACC), which raided the offices of both PeterLabs and TOTT following a report lodged by the company.
PeterLabs later reinstated Loh, and on Tuesday, he officially resigned from his position as executive director, citing personal reasons and other commitments. Together, Loh and Lin hold a combined stake of over 10% in the group.
The settlement also paves the way for the conclusion of two ongoing legal proceedings. The first involves a lawsuit filed by Loh and Lin against PeterLabs, PSB, TOTT and several of its directors and contractors, alleging that the companies’ affairs were conducted oppressively and against their interests. The second is a defamation suit initiated by PeterLabs and PSB against Loh and Dagang News Sdn Bhd, linked to an online article published in July.
“Moving forward, the parties have agreed to honour their respective obligations under the settlement agreement in good faith,” the joint statement read. At market close on Tuesday, PeterLabs’ shares fell 1.5 sen or 6.25% to 22.5 sen, valuing the company at RM61.92 million.
