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KUALA LUMPUR (October 5): Datuk Khairil Anuar Aziz was fired as chief executive officer (CEO) of the MSM Malaysia Bhd group after the sugar company’s board found his clarification on an adjustment to cancel inventories amounting to RM36.6 unacceptable. millions.
Khairil, 53, had been put on leave since September 8 for the issue.
“The board of directors of MSM Malaysia Holdings Bhd wishes to inform that the board has carried out due process to allow the group executive director to clarify the irregularities related to the adjustment of canceled inventories amounting to RM36.6 million in MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor) in the 2019 financial statements. The board has evaluated the clarifications provided by the GCEO and finds them unacceptable. The board has decided that the GCEO is leaving office effective 5 October 2020, “MSM announced in a stock presentation.
He also updated that Fakhrunniam Othman will continue as the officer in charge until the board identifies a suitable candidate to fill the position of his GCEO.
Fakhrunniam, currently Group Chief Investment Officer of FGV Holdings Bhd, was appointed interim CEO of HSH when Khairil was put on leave. At the time of his appointment, Fakhrunniam was also tasked with conducting a comprehensive review of the production log and reporting system for MSM Johor.
MSM shares ended unchanged at 46.5 sen today, giving the group a market capitalization of RM326.89 million. He saw 200,000 shares traded.
Read also:
The CEO of the sugar maker’s MSM group was put on leave to explain inventory irregularities
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