Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Scan Associates Bhd has uplifted the suspension of its non-executive director Yeoh Eng Kong with effect from Feb 17, a day after an investigative committee set up by the company concluded that Yeoh had breached his duties as a director.
In a filing with Bursa Malaysia, the ICT security solutions company said Yeoh, who had been suspended for almost half a year, was allowed to resume his role as a director after the board considered the statement/representation given by him.
Furthermore, Scan announced that it would not take any further action against Yeoh, as “his suspension period is adequate and deemed to serve the purpose.”
Yeoh was initially suspended for two months on Sept 9 last year, the same day that the company’s board resolved to set up an investigative committee to probe the “possible serious breach of duties of a director” and the preparation of the audited financial statements of Scan’s subsidiaries.
Subsequently, the board decided to continue the suspension till Dec 8, 2016, That period was later prolonged by two more months.
Earlier this month, the company said the board had further extended Yeoh’s suspension up to March 8,
Scan Associates is on the verge of being de-listed unless it can come up with a regularisation plan.
On May 19 last year, Bursa Malaysia Securities announced that the Guidance Note 3 company had failed to submit such a plan to it for approval within the specified timeframe.
Scan’s securities were at first scheduled to be de-listed on May 31, 2016. However, the regulator decided to give an extension of time until May 31 this year for Scan to submit a regularisation plan to the relevant authorities for approval.
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