KUALA LUMPUR: Matang Bhd
will review the suspension of its chief financial officer (CFO) and acting chief operating officer (COO) Tan Theng Hwee on or before Nov 9, as the company conducts an internal investigation into governance, operational and administrative matters.
In response to queries from Bursa Malaysia, Matang said the investigation was initiated after its board was alerted to certain concerns during ongoing internal governance reviews and routine administrative oversight.
Following a preliminary assessment, the board decided on Oct 26 to suspend Tan on half-pay pending the outcome of an independent internal investigation.
“The scope of the internal investigation focuses on specific concerns across governance, operational management, and administrative fidelity.
“The next step will involve a domestic inquiry where the issues at hand will be particularised, formal letters will be issued and opportunities afforded for responses to be given. This is an on-going process. Until that is done, the company is not able to provide any further details,” it said.
The company stressed that the suspension was an interim administrative measure intended to safeguard company records and ensure an impartial investigation.
It said no adverse findings, conclusions of liability or disciplinary decisions had been made against Tan.
Matang also clarified that the investigation was initiated solely by its board and was not linked to any probe, directive or inquiry by external regulators or enforcement agencies.
On its interim management arrangements, the company said former employee Hoi Siew Chien had been engaged to assist with operational, financial, administrative and reporting functions.
However, it clarified that Hoi had not formally assumed the positions of CFO or COO.
Matang said Hoi's familiarity with its operations and accounting systems would help ensure business continuity during the investigation.
Meanwhile, non-independent non-executive director Datuk Adrian Lee Yin Chung has been tasked with overseeing and coordinating the company's executive, operational and financial functions.
Lee is an associate member of the Chartered Tax Institute of Malaysia and has experience in finance, administration, taxation and audit.
Matang said it would seek to complete the inquiry expeditiously and provide further updates should there be any material developments.
