Regent attacks Pioneer managers

PUBLISHED : Wednesday, 11 September, 1996, 12:00am
UPDATED : Wednesday, 11 September, 1996, 12:00am

Regent Pacific's belligerent style in raiding non-performing companies has surprised no one but the investigation it has done on Pioneer did.

The three-hour long special general meeting, chaired by the 25-year-old deputy managing director Kenneth Gaw, was interrupted frequently by fiery queries over the proper procedures of the meeting.

Facing a troop of corporate advisers from Regent, the young Mr Gaw had to fend off an onslaught by Regent which was keen to share the results of its investigation with shareholders at the meeting.

Regent said that contrary to the annual report, Anthony Gaw, chairman of Pioneer, did not obtain an electrical engineering masters degree from Stanford University.

They also alleged a property in Georgia supposedly owned by Pioneer was registered under the name of Goodwin Gaw, 27, vice-chairman of Pioneer.

Regent also said that tenants in a residential block in Bangkok owned by Pioneer had said they paid rents directly into Anthony Gaw's accounts. The company replied there was a nominee agreement with Pioneer.

Its annual report did not mention the 6.5 million foreign shares in Bangkok Bank owned by the company's associate Central Asia.