Quick take: Cahya Mata Sarawak falls after CFO suspension

KUALA LUMPUR: Shares of Cahya Mata Sarawak Bhd (CMSB) fell almost 6% in early trade Thursday after the firm suspended its group chief financial officer (CFO) to investigate allegations of financial mismanagement.

The diversified group shed 5.91%, or 12 sen to RM1.91 at 9.12am. The counter has fallen some 9.9% so far this year.

CMSB has suspended its group CFO Syed Hizam Alsagoff for 30 days with immediate effect.

The suspension, it said was to facilitate investigations into allegation of possible financial mismanagement in relation to the company's investments and operations.

CMSB on April 22 reported to the authorities allegations of conflict of interest involving director and deputy group chairman Datuk Sri Mahmud Abu Bekir Taib and former chief information officer, Karl Vink @ Khalid Abdullah.

The allegations were received through the Group’s whistleblower channel.

In order to facilitate a full and transparent investigation by the authorities, CMSB said Mahmud Abu Bekir Taib has voluntarily taken leave of absence from all his positions in the group.