TAWAU: Issues relating to share price movements and alleged insider trading were put to the plaintiff’s witness during cross-examination at the High Court here today in a corporate dispute involving Bahvest Resources Bhd and several former key executives.

The proceedings, presided over by Judicial Commissioner Steve Ritikos, heard testimony from the plaintiff’s first witness, Chong Zhu Khen, a former chief executive officer and shareholder-turned-director, during questioning by defence counsel Andy Tay.

During the session, the defence put to Chong that his claims implied allegations of market manipulation against Datuk Lo Fui Ming.

Chong acknowledged that the line of questioning suggested insider trading elements but maintained disagreement with several propositions raised by counsel.

Chong told the court that after becoming a director in May 2023, he did not lodge any formal complaint with regulators, explaining that his focus had been on continuing mining operations and safeguarding shareholder interests.

Defence counsel suggested that the absence of formal action weakened the allegations, which Chong disputed.

The court also heard exchanges regarding whether Lo Fui Ming remained a controlling shareholder after disposing of shares.

The defence suggested that any loss of controlling status would limit influence over an extraordinary general meeting (EGM), while Chong maintained that board positions could still carry influence.

Questions were further raised about an Employee Share Option Scheme (ESOS).

Chong agreed that shareholder approval and regulatory disclosures were required but said potential dilution remained a concern.

He also acknowledged that no written objection had been submitted before a shareholders’ requisition notice was issued in April 2023.

Throughout the cross-examination, the defence highlighted the absence of written complaints or documentary evidence supporting several allegations, with Chong confirming that many of his concerns had been raised verbally rather than through formal documentation.

Proceedings were adjourned and will resume tomorrow at 9.30am.