KUALA LUMPUR: Menang Corp
Bhd has set up an investigation committee to review the conduct of Toh May Fook as the company’s director and has suspended him as director pending the outcome of the probe.
In a filing with Bursa Malaysia on Friday, the property developer said the committee, to be chaired by Menang’s non-executive chairman Datuk Abdul Mokhtar Ahmad, comprised other members of the board.
Without elaborating on why Toh was being evaluated, Menang said the investigation committee’s review was expected to be completed within three months.
To recap, Toh emerged as a substantial shareholder of Menang in November last year and, as at June 27 this year, held a 12.5% stake.
Toh, 58, was appointed as deputy managing director on April 26. On May 3, Mokhtar, 76, was redesignated as chairman from executive chairman.
On July 19, less than three months following his appointment, Menang announced that it had terminated the duties and responsibilities of Toh as deputy MD and deputy chief executive officer.
Toh was redesignated as non-executive director, but no reason was given for the move.
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