THE year has certainly started on a roar even if the tiger doesn’t make its appearance for another month. Corporate tussles that had been stirring since the end of last year burst into the scene, some with full drama while others have serials yet to be unleashed.

Last week, Petra Perdana Bhd executive chairman and CEO Tengku Datuk Ibrahim Petra exercised his executive powers to temporarily suspend senior management and key personnel until Feb 4.

He had earlier received notice from 10 shareholders, some of whom are part of the senior management and key personnel, requisitioning an EGM on Feb 4, to remove four directors including himself and executive director Datin Nariza Hajjar Hashim. This follows the company’s move to sell its 25% stake in Petra Energy Bhd.

Alliance banking group, one of the smaller banks in the midst of rapid transformation, sprang a surprise when news broke out that its group CEO Datuk Bridget Lai had taken voluntary leave in the wake of an internal probe that is part of the bank’s corporate governance and due diligence processes.

Just before the new year, Hong Leong Bank Bhd came to life when it announced that it had obtained approval to negotiate for the purchase of indirect stakes belonging to two major shareholders – Rin Kei Mei and Tan Sri Tiong Hiew King – in EON Capital Bhd.

Recently, Hong Leong had also got the green light to talk to EON Cap on an institutional basis. In this instance, EON Cap has Primus Pacific Partners (HK) Ltd as a major, unhappy shareholder as Hong Leong boss Tan Sri Quek Leng Chan has not been known to pay high, and Primus had bought into the banking group at a 55% premium or RM9.55 per share.

Shareholders of Ho Hup Construction Co Bhd are also said to be caught in the middle of a major disagreement on how to resolve its financially distressed state.

A regularisation plan that entails, among other things, a capital reduction, rights issue and placement of a substantial amount of new shares, has been proposed by the board. This is supported by its largest shareholder, Extreme System Sdn Bhd, together with deputy executive chairman Datuk Lye Ek Seang.

However, Datuk Low Tuck Choy, one of the three owners of Low, Chee & Sons Bhd, originally the founders of Ho Hup, has a different plan to revive the construction unit and call for a rights issue of irredeemable convertible preference shares with free warrants.

“This is a very unusual start to the new year,’’ said Ching Weng Jin, acting head of research at ECM Libra Capital Sdn Bhd. “Coming out of the global financial crisis, people who have been afraid to make their moves suddenly see values. Some want to start anew but cannot agree on the direction they want to take. Open (expressions of) dissatisfaction seem to be the trend.’’

Some of the stocks associated with these tussles have been on a roller coaster ride but it is not advisable to be playing in stocks at this level.

“In terms of risk and reward this year compared with last year, there may not be much upside,’’ said Ching.

“This could be the year of the tigress,’’ said Minority Shareholder Watchdog Group CEO Rita Benoy Bushon, expecting 2010 to be a tumultuous year in terms of shareholder fights. "The pundits may say this is a better year but we are not out of the woods yet."

Desperate measures taken in the financial crisis appear unnecessary now. Could some of these decisions have been taken too hastily?

l Senior business editor Yap Leng Kuen reckons that we are living in an era where things are no longer taken for granted. But reason and calm must still prevail amidst the "storm."