PETALING JAYA: APFT Bhd , which provides flight training and aircraft maintenance services, has announced the resignation of its executive chairman Datuk Faruk Othman due to a dispute with executive director Edwin Silvester Das.
In a filing with Bursa Malaysia yesterday, the loss-making company said Faruk, 69, resigned on Nov 6.
No explanation was given for the delay in making the announcement.
The reason given for Faruk’s resignation was that he was no longer the majority shareholder of the company and had “no control over the financial and operational management of the company”.
APFT added, “He does not wish to be responsible for whatever action and decision made by the management.”
In the same filing, Faruk’s shareholding in the company was given as 7.17% (direct stake being 6.25%), which would make him still the single largest shareholder in APFT.
The announcement cited his disagreement with Das “over Arif and his resignation from the subsidiary companies which were not effected by the company secretary on instruction by Das which are awaiting SSM (Companies Commission of Malaysia) confirmation on their resignation.”
“Arif” is believed to refer to Faruk’s 40-year-old son who resigned as APFT executive director (ED) on Aug 2, the same day that Das came on board as ED.
Faruk was the last board member remaining from last year to quit. All the four current board members have come onboard since August.
The announcement did not elaborate on the details of the disagreement.
However, the company had on Nov 14 submitted an application to SSM to seek its approval for the extension of time up to March 31, 2018, to hold the 2017 AGM.
The request was due to APFT’s change of its financial year-end from July 31, 2017, to Sept 30, 2017; and a notice of resignation received from external auditors Raki CS Tan & Ramanan on Nov 8. As of Nov 14, APFT was in the midst of shortlisting suitable candidates as replacement.
In addition, APFT said, the new external auditors would require time to review and finalise the group’s audited financial statements.
In yesterday’s filing, APFT said the board had yet to identify a suitable candidate as executive chairman. Hence, for the time being, Das will take over the management role.
Das, 59, is also an ED of tool and die maker MQ Technology Bhd (MQ Tech).
Datin Anizah Musa, 53, who resigned from the board of MQ Tech on Nov 1 after about five months due to “her other commitments and responsibilities”, joined APFT’s board on Nov 8.