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.
