PETALING JAYA: Peterlabs Holdings Bhd
has lifted the suspension of its executive director (ED) Datuk Loh Saw Foong.
In a filing with Bursa Malaysia, the provider of animal nutrition and health products said its board has deliberated and resolved to uplift the suspension of Loh as ED of the company and general manager of its subsidiary, Thye On Tong Trading Sdn Bhd with immediate effect.
Peterlabs said this was subject to a revised terms of duties and responsibilities to be approved by the board of directors.
Loh was suspended on May 13 for two weeks to facilitate an independent review into allegations of misconduct against him.
On May 19, Peterlabs announced that it had lodged a formal report with the Malaysian Anti-Corruption Commission (MACC) against Loh with regards to “serious allegations of misconduct, conflict of interest and breach of fiduciary duties.”
On May 19, officers from the MACC conducted a raid at the principal offices of both Peterlabs and subsidiary, Thye On Tong Trading, as well as the registered offices of the respective entities.
