Billionaire hotel tycoon Michael Kum has changed tack in his fight with ASX-listed MMA Offshore, with his Halom Investments mulling legal action against directors for possible breach of duties, while accusing the company of misleading shareholders over a recent capital raising.

Major shareholder Halom in recent months has been in a public dispute with the board of MMA, raising issues of governance and lack of accountability for prior decisions that it alleges have led to the destruction of shareholder wealth.