THE TRUTH

  • M3 Tech: The TRUTH

    We are a group of 7 current and former employees of M3 Tech. We comprise the 3 major races in Malaysia: Malay, Chinese, and Indian. We comprise the 3 major religions in Malaysia: Muslim, Buddhist, Christian. We don’t agree on everything, but we do unanimously agree on one thing, which is:

    Lim Seng Boon aka SB Lim (former Managing Director of M3 Technologies (Asia) Berhad) is self-righteous, arrogant, a bully, a hypocrite, and overall a disgusting person who embodies all that is bad about humanity.

    Selfish, dishonest, repellent, greedy, narcissistic, stubborn, Schadenfreude heavy, cowardly, petty, unhygienic, childish, egotistical, vindictive, spiteful, manipulative, and the list goes on…

    2 of us are minority shareholders with combined holdings of 1.23 million shares. SB Lim claims to have our interests at heart. He does not, never did, and never will. He is selfish and greedy, and the only person he cares about is himself.

    Let’s start by reading the nonsense that SB Lim wrote here:

    https://site785.wordpress.com

    (Update: The site has since been deleted by the coward, but we have saved a copy in PDF format for your reference. Please click on the link below to download it.)

    Link to the site in saved PDF.

    “There are TWO sides to every story”

    Says EVERYONE, except for moronic sanctimonious people like SB Lim, who believes that his is the only story that is true

    After the EGM on the 19th of July 2021, we all got together for a Zoom session, and SB Lim’s name naturally came up, as did his blog post. We find it absolutely disgusting that he has used half-truths, twisted facts, and even outright lies to try and manipulate people to believe him.

    It took us a while to write this, because unlike SB Lim, we searched for truth and facts before asking a lawyer friend to assist. We have banded together against this monster and tyrant, and we now present to you the OTHER side of the story, or what is more commonly known as…

    THE TRUTH

    SB Lim begins with:

    The real situation is, I already left the company. I don’t have to think about the company now, but some people still asking from inside and outside, trying to understand why was this happened, what will happen to the company? How come you just left like that?

    As is typical of him, he begins with contradictory rubbish. You don’t have to think about the company, yet you insist on trying to weasel your way back in like a dirty rat? What kind of logic is that? Moronic.

    How come you just left like that?” Maybe because you presided over TENS OF MILLIONS of losses, burning through shareholder’s money like it was nothing? Here is an excerpt from the last annual report of 2019 to show the magnitude of SB Lim’s incompetence (RM19,665,000 of losses from 2015 and 2019 alone):

    The most recent available report, announced on the 26th of November, before SB Lim’s “retirement”, still shows losses of RM2,429,000. You can view it here:

    https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3108511

    Want another example of his incomprehensible “logic”? How about this excerpt:

    “Only after that, Mr M, the Executive Chairman came into the operation, and telling everyone that there will be a lot of changes, failing specifically explain what type of changes. Then everything suddenly changed, with the new appointed Mr B as a Management Consultant, advised by Mr S, with no formal nor informal introduction.”

    Mr M told everyone there would be changes, and everything suddenly changed. So what’s the problem? He did exactly what he said he would do! Well done Mr M! Also, some of us were clearly introduced, by SB Lim himself, that Mr B was a Management Consultant, so why does he now claim that there was no formal nor informal introduction?

    “Connection Revealed”

    What follows is more deluded and psychotic fantasy. He tries to spin some sort of conspiracy theory involving related companies. Since when is it a crime to have common shareholders or related companies? Why don’t you complain about Malaysia’s richest tycoons like Robert Kuok, Quek Leng Chan, and Ananda Krishnan, and their webs of companies?

    Then he comes up with this real unintelligible gem:

    “The biggest obstacle to put M3 Tech in their hidden agenda is the former founder. By understanding the articles, the question would be, what had happened that “made” him retired? The answer is remain unknown.”

    The answer to why he “retired” is well known. He lost tens of millions of shareholders’ money. Retiring would be the most honorable and decent thing that someone could do in his position. However, retiring and then trying to portray yourself as some kind of crusader? Disgusting.

    “Now, without him involve in the company and stop the hidden agenda, the nightmare about the “changes” started. Instead carry on the recovery of the company, internal politics card was played. Anyone they “THINK” that are closed to the former founder would be removed.” 

    Why are you talking as if you were never in M3 Tech? You were the Founder and Managing Director and the highest paid person within the entire organization! You presided over (and even initiated) everything that you are complaining about now! You presided over a massive rights issue in 2016, several private placements after, and you approved the Employee Share Option Scheme (“ESOS”)! Now you start crying about it like a spoilt child? REALLY?

    As for removing anyone? The truth is, nobody was asked to leave. Of the senior personnel that have left, all resigned of their own accord. Two of them were proven (by SB Lim himself in sworn affidavits submitted to the courts) to be traitorous to M3 Tech. One revealed private and confidential details of a meeting with a Director to SB Lim, and the other recorded a meeting with a Director without the Director’s consent, and handed the recording over to SB Lim. These are the disgusting people that SB Lim surrounds himself with, and the disgusting tactics that he and his cronies employ.

    Finally, the most laughable of all, is that he wants to accuse others of “internal politics”, when he himself was the biggest perpetrator! The favoritism practiced by SB Lim was so obvious that the only person stupid enough to deny it is SB Lim in his fantasy world! If you were able to control your nausea and suck up to him and kiss his ass, SB Lim would allow you to get away with murder. Anybody who didn’t blindly follow his idiocy would end up in his bad books.

    The TRUTH about the COO and GM

    SB Lim conveniently neglects to tell you that the COO and GM resigned of their own accord in mid-March!!! This fact alone renders his entire blog irrelevant! How can you now believe anything that this disgusting liar says?

    Want proof? We have managed to obtain copies of their resignation letters. Click here to view the COO’s resignation,

    COO Resignation Letter.

    or here for the GM’s resignation.

    General Manager Resignation Letter.

    Both the COO and GM then expected to sit around during their 6 months’ notice period and just pocket their salary for doing practically nothing. Some of us saw with our own eyes how they were abusing their sick leave and annual leave, and barely showing up for work! Thankfully, the Directors discovered that there was no contractual obligation for them to serve out 6 months’ notice, and rightfully asked them to leave immediately! Good riddance!

    True enough, when SB Lim later applied to the courts for an injunction against the ESOS, SB Lim himself admitted in his supporting affidavit that the COO betrayed the Chairman’s trust. She told SB Lim details of a private and confidential meeting she had with the Chairman. Even with this information in hand, they lost.

    First dismissal is here:

    https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3167935

    Next, one of the remaining Senior Managers made the shameless move of recording the Chairman during yet another private and confidential meeting. This is again revealed by SB Lim himself in a new affidavit to support a second injunction application. Thankfully for us Malaysians, the courts aren’t filled with self-righteous and arrogant morons like SB Lim, and they look at facts, not SB Lim’s fantasy. Result? Another loss.

    Second dismissal is here:

    https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3173273

    So, people asked us, how can such disgusting people exist in M3 Tech? The answer is simple:

    THEY HAVE A DISGUSTING LEADER

    Why would they support SB Lim?

    Good question! To all of us who have spent time working in M3 Tech, it’s very obvious. These people were SB Lim’s favorites, because they weren’t afraid to grovel, kiss his ass, and lick his boots. They just followed him with blind obedience. SB Lim is a disgusting person, but we never said that he is stupid. He knew that these were the only people in the world who could endure his tedious bullshit, and he paid them handsomely for it.

    Even with so much money lost, SB Lim regularly and handsomely increased the salaries of the COO and the GM. In documents sighted by us, we calculated that their increase in the past 10 years averages out at 220%. Yes, their salaries more than doubled in the past 10 years, even as M3 Tech was bleeding.

    Oh well… We can’t blame them. Everyone has their followers. Hitler had followers, Osama Bin Laden had followers, and Donald Trump has followers. Not surprising for SB Lim to have a few. Emphasis on “few“.

    SB Lim’s INSANITY Continues

    What insanity? Take your pick from these selected gems:

    “Maximizing the ESOS limit.”

    With more assumptions and fantasy, SB Lim tries to spin a tale of how the suspension of Senior Managers was somehow related to the ESOS exercise. He then goes off on a rant that is downright embarrassing, contradicting himself yet again by saying “And all these are done against the pending Full Trial.”, and including this link:

    https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3158571

    Oh my goodness… You need to see your doctor again Mr. Lim. Clearly the prescribed dosage is insufficient. If a case is “pending”, until there is a judgement, it means the case is still “pending”. Since when have you heard of an accused throwing himself into jail whilst the case was still pending, especially when they are innocent, just because they are accused by a madman such as yourself?

    “Mission accomplished! Not yet!”

    Here he complains about Management not revealing the details of the suspension of the Senior Managers. If you want to know details, ask. If you ask and Management doesn’t comply, sue them. Did any of these Senior Managers do so? No, because they understand that Management had every right and reason to do what they did.

    He asks “No trust to staff?” Well, why would you trust staff when they have proven that they are willing to divulge private & confidential information to the former Managing Director, and even stoop so low as to record conversations without consent (a practice that is so unscrupulous that it is illegal in many jurisdictions)?

    “Next, remove the “non-related’ Independent Director.”

    Again, another blatant lie. The Independent Director, Ms. Lim Kooi Siang, resigned of her own accord many months before. Nobody removed her. She is around 70 years old already. She has earned the right to enjoy her life. Why drag her into this silly game of internal politics? Because SB Lim is selfish.

    SB Lim claims to be concerned, but he left her out of the Directors he wanted to remove at the EGM. This could mean one of two things:

    1. SB Lim is so incredibly DUMB that he didn’t think about any possible repercussions, and just omitted her. How can someone who proclaims to be so smart suddenly have such a drastic lapse of intelligence and common sense? Did he not think that he would be putting her in the line of fire?
    2. SB Lim doesn’t care about who he compromises because he only cares about himself.

    Doesn’t really matter if its 1 or 2 actually. Both are equally bad.

    Dump all to the market.

    Here he complains about ESOS shares being sold. What is the problem here? Isn’t the stock exchange a marketplace where people buy and sell shares freely? Why can’t the Chairman sell? If you’re so concerned, why didn’t you buy the shares that were readily available in the market as the Chairman was selling?

    “Directors perks and raising funds.”

    Here, SB Lim contradicts himself yet again. He states that “there is not much fund left in company“, admitting his own incompetence over so many years, but now criticizes the current Directors for trying to raise money? What kind of madness is this? Or perhaps its senility? Or both?!

    IF your company was so great, why was there a necessity to raise funds in the first place?? Knowing that “there is not much fund left in the company“, why did you block the private placement? Even though the 7 of us aren’t savvy investors, we all know the answer. SB Lim is concerned about being diluted, and that’s all. He has retired in shame, lost the company that he had dedicated a large part of his life to, and is now wallowing in self-pity. Sadly, the only person to blame for this is SB Lim himself, and nobody else.

    He then throws in a paragraph criticizing the use of “shareholder money“. Are you saying that a company is not allowed to hire drivers and personal assistants? Poor JobStreet. They better take down their almost 8,000 driver and over 1,000 Personal Assistant listings. Again, SB Lim’s comments are confusing, and its not a surprise that we don’t know what he is mumbling about.

    What we do know, because some of us have travelled with him to China and Thailand, is that his own spending decisions and expenses are equally questionable. For example:

    M3 Tech’s China offices are in Shenzhen, Chongqing, and Xiamen. Why then did SB Lim always stay in Dongguan when he visited China? The nearest M3 Tech office in Shenzhen is easily over an hour’s drive away. The cost of travelling probably wasn’t cheap either. Why? Maybe these articles can throw some light on the reason SB Lim insisted on staying in Dongguan, despite the inconvenience and costs involved:

    https://www.globaltimes.cn/content/982835.shtml

    https://theculturetrip.com/asia/china/articles/chinese-city-nicknamed-eastern-amsterdam/

    https://www.nytimes.com/2014/03/07/world/asia/red-lights-dim-in-chinas-sin-city.html

    MORE TRUTH About SB Lim

    What annoys us is not the fact that SB Lim wishes to speak his mind. The annoying aspect is how he is just spews lies, and tries to portray himself as something he is not. An absolute hypocrite! Here are some of his ridiculous claims:

    SB Lim Cares About Staff

    Really? Who do you think you’re kidding? Let’s just quickly go through some “highlights” (or should we say “lowlights”) of his shameful behavior:

    • Never gave any “lucky money” (or “ang bao”) during Chinese New Year. We only received “lucky money” when the Chairman was in town.
    • We can’t remember the last time M3 Tech hosted a “buka puasa” event, if ever. It only happened this year, AFTER he had left.
    • He forbid people to celebrate their birthdays at the office.
    • How many staff has he sued to date? Among the 7 of us, we know of at least 3 or 4 court cases pending. SB Lim is clearly a bully, and you can see how he is now using his unethical practices against the Board of Directors of M3 Tech.
    • In 2019, SB Lim paraded around the office boasting that he had one of our ex-colleagues jailed because the poor young man made the mistake of returning to the office to access M3 Tech’s database. We have since found out that SB Lim lied about the ex-colleague being jailed, and he was in fact fined. A total lack of compassion is just one of SB Lim’s disgusting traits.
    • SB Lim resigned knowing that M3 Tech was in bad financial shape. Many years of losses under his watch had left M3 Tech saddled with millions in debt, yet he voted against the Private Placement on 19th April 2021. How then was M3 Tech supposed to raise funds? This put the entire staff at risk, as the cash flow required to pay salaries was in jeopardy. This is how SB Lim “cares”?
    • Oh, and by the way, SB Lim conveniently forgets (again) to mention that, even after his disgraceful resignation which left M3 Tech’s finances in a mess, nobody was retrenched, nor were there any salary cuts.
    • Smoked cigarettes constantly when meeting with staff, with total disregard for the health and well-being of the staff. Never even bothered to open a window to ventilate the room.
    • One of his favorite phrases to say was “masturbating inside a cubicle” (and we can only assume that he means to “think outside the box”). He used this in front of many of us on numerous occasions, and some of us are female. This is how revolting SB Lim was, as he failed miserably to consider how offensive such language could be (and was).
    • We have already mentioned it, but let us repeat it here. SB Lim named the former COO and a Senior Manager in sworn court documents sighted by us, proving their disloyalty to M3 Tech. The COO had already resigned and left, but the Senior Manager was still an employee (who subsequently resigned). Did he care that he was putting them at risk by revealing their duplicity? Not at all. He was only concerned about what he wanted to achieve, and not the reputation of anyone else. This is how SB Lim “cares”?

    SB Lim’s Products Are Good

    In response to this delusional claim, we only have one question:

    If your products are so good, why have you lost TENS OF MILLIONS of shareholder’s money???

    SB Lim Claims He Cares About M3 Tech

    Please read this article in its entirety. If you still believe that SB Lim actually cares about M3 Tech, it is entirely your prerogative, and we wish you luck.

    SB Lim Cares About Minority Shareholder’s Rights

    This is just downright laughable. SB Lim retired in humiliation. He has embarrassingly lost control of the company that he founded. He has shamefully lost TENS OF MILLIONS of shareholder’s money. Rather than be honorable and fade away quietly with little attention, he wants to employ reprehensible and unscrupulous tactics against innocent people in a futile attempt to try and absolve himself. Do not be mistaken…

    THE ONLY THING THAT SB LIM CARES ABOUT IS HIMSELF.

    In Conclusion

    Ever watch a movie or TV show where the hero is caught, and they sacrifice themselves by taking the blame? Yes, people with high moral values are respected and revered, because they are willing to make sacrifices and take the blame. They are responsible and heroic.

    SB Lim is the complete opposite, choosing only to blame others for his own failings and immoralities. In a movie or TV show, he is the guy who gets caught, then rats people out, betrays his friends and family, puts blame on others, and in this particular case, LIES through his teeth to try and put others in harm. This is the kind of person SB Lim is. If you still wish to support him, you have every right to do so, but don’t say you weren’t warned. The 7 of us have had enough experience with this disgusting person, and we feel we are doing a service to humanity to warn people of SB Lim’s repugnant personality.

    As for how he ran M3 Tech, we believe the above gives you a very good idea. Even his own blog shows you how confused and incoherent he is, jumping around from one idea to the next. Not everyone was paid enough to be able to endure such bad leadership, bordering on the psychotic.

    Ever think about why there was no succession planning? The most senior person he left behind was the former COO, who threw a childish fit and resigned, and then complains about being asked to leave early (?). We hear she is also seeking reinstatement. Reinstatement to a position that you resigned from? Must be the curse of the disgusting leader striking again.

    We will never be able to stop some people from believing SB Lim’s lies, or succumbing to his manipulation. All we can do is what we have done here, and that is to present another side to his story.

    To SB Lim

    You have retired. We wish you all the best. Just stop your ridiculous nonsense and enjoy your golden years. Stop pretending to suddenly care, when you don’t. Stop spreading malicious lies. Go and do something useful for society, and not just for your twisted motives.

    We know you will never change, because crazy people don’t know that they’re crazy. Before we sign off, as a gesture of goodwill, we would like to offer the following links for your reading, as we believe they could be of immense value to you. Rather than being sad and pathetic and trawling through the Bursa Malaysia announcements section, perhaps try these instead:

    https://www.nbcnews.com/better/lifestyle/how-identify-narcissist-cope-their-potentially-toxic-behavior-ncna1044856

    https://www.psycom.net/psychiatric-hospitalization-admitting-to-psychiatric-ward/

    https://hbuk.moh.gov.my/v4/index.php/ms/

    Signed,

    We The Seven