Anthony Dunlop has finally quit the board of under-stress tech investor Chapmans.

Also out is Daler Fayziev. He only joined the board in July and has little online presence, despite “16 years experience” as project manager and CEO of oil and gas companies in Malaysia and Russia.

Remaining on the board are chair Peter Dykes, and Adam Monaghan, Colin Turner, and a Malaysian individual named Dato’ Muhamad Adlan bin Berhan.

Mr Dykes has been a fixture in Australia’s corporate scene for years. Mr Turner is a director of three unlisted companies, two in his own name, and the Allambie Heights Community Tennis Club, while Chapmans is Mr Monaghan’s only board.

Mr Dunlop has been a focus for investors since reports began circulating in September that he had suddenly moved his socialite wife and two children to Malaysia.

Mr Dunlop has not responded to calls, texts or emails since then.

He quit beleaguered Capital Mining (ASX:CMY) and the board of Reffind (ASX:RFN) not long after the Malaysia news broke.

Malaysia links

Mr Dunlop’s and Mr Dykes’ Malaysian ties go back years.

According to Bloomberg, Mr Dunlop is the CEO and executive director of UKI (Asia Pacific) Pty Ltd.

UKI popped up in 2010, when it received a $15m convertible note investment from Malaysian mobile security provider Nexbis in exchange for a 16.66 per cent equity stake.

Nexbis called UKI “product authentication and physical security specialists, also with a strong blue chip, international client base”.

At the time, Mr Dykes was chair of Nexbis and Mr Dunlop was a UKI director and company secretary.

Today UKI has almost no presence online, outside of articles querying the puzzling investment.

In December last year Chapmans brought in two Malaysian businessmen, billionaire property developer Abu Sahid Bin Mohamed and poultry farmer Tuan Nguang Lau, to pay $325,000 each for a 5 per cent share of the company.

And finally, Mr Dykes is also said to have upped sticks for Malaysia.

Chapmans’ brand new PR firm couldn’t confirm whether he still lives in Australia, but promised to find out for us.

Taking a chainsaw to costs

Chapmans said in September it was “revising its investment approach… to focus on fee and revenue producing investment opportunities” and moving away from capital intensive, pre-revenue early stage opportunities.

“While the latter may hold the promise of significant capital appreciation… the continuation of longer term capital contributions during investee development cycles and the negative impact on company cashflows are specific areas the company has committed to improve,” Chapmans said.

At the end of that month, Chapmans had $312,000, yet planned to spend $410,000 on corporate costs alone. Total spending was anticipated at $600,000.

Also in September, it promised to cut Mr Dunlop’s and Mr Dykes’ salaries by 48 per cent to $250,000 a year, each.

The pair pulled in $923,000 between them in fiscal 2017 despite the $9.7 million full year loss.

Chapmans has had a string of investments fail to go to plan.

There was the Capital Mining (ASX:CMY), now in administration, which twice tried to get into medical marijuana and failed while ASX documents showed Mr Dunlop, Mr Dykes and another director were entitled to almost $1 million in director fees as they oversaw consulting payments to themselves of almost $2 million.

Chapmans had to walk back a promised $4 million investment in US cryptocurrency platform Securrency this year, eventually only making one of four investments.

And Chapmans likely failed to make any money on the sale of its stake in Fantasy Sports Global earlier this year.