PETALING JAYA: NexG Bhd has announced that it has resolved to temporarily suspend the executive powers and functions of its executive chairman and chief executive officer Datuk Abu Hanifah Noordin with immediate effect.
In a filing with Bursa Malaysia, the customised software and hardware systems provider said the decision was made by the majority of the board to ensure that an ongoing review relating to the company’s investments in quoted shares can proceed in a transparent, independent and orderly manner, in line with NexG’s commitment to strong corporate governance, accountability and transparency.
“In November 2025, the board had resolved to establish a committee to review the appropriateness of certain investments in publicly listed companies.
“The committee has been assisted by independent third-party professionals to conduct fact-finding and provide professional input as part of the review process.”
NexG said these investments recently attracted public attention following NexG’s latest financial results for the third quarter ended Dec 31, 2025, which reflected a fair value adjustment of approximately RM145.6mil relating to certain quoted investments.
“As previously disclosed, the adjustment contributed to the company recording a net loss of RM130.88mil for the quarter.
“In light of recent developments that may affect the independence and integrity of the ongoing review process, the board has resolved to temporarily suspend the executive powers and functions of Hanifah to allow the committee and its advisers to continue their work without undue influence and in accordance with the company’s governance procedures and standard operating practices.”
NexG emphasised that the suspension is an administrative measure intended to safeguard the integrity of the review and “does not constitute any determination of wrongdoing.”
“The review process remains ongoing. During this period, NEXG’s operations and business activities will continue as normal under the oversight of the Board and the existing management team.
“The board remains committed to transparency and accountability and will provide updates where appropriate as the review progresses.”
