KUALA LUMPUR: Dolphin International Bhd’s shares fell 8% in early trade Monday after the company suspended the power and authority of its group managing director Low Teck Yin with immediate effect.
The counter fell 8.7%, or one sen to 10.5 sen with 5.2 million shares traded. Dolphin-WA declined 20%, or 0.5 sen to two sen.
The group is involved in the design, development, fabrication, and sale of proprietary electro-automation, pneumatic and hydraulic systems and products together with the corresponding system hardware and software solutions for the palm oil milling sector.
Dolphin said the suspension was pending completion of the investigation on Low's alleged breach of fiduciary duty.
"The board resolved to identify a suitable independent professional to perform an independent forensic investigation in relation to the matter above," it added.
Dolphin said executive director Thoo Soon Huat had been authorised by the board to assume the role of the group MD during the suspension period.