MSM ousts group CEO

KUALA LUMPUR: MSM Malaysia Holdings Bhd has ousted its group chief executive officer (GCEO) Datuk Khairil Anuar Aziz effective from today, after assessing his clarification over alleged irregularities related to subsidiary MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor).

In an exchange filing today, the sugar producer said the board had found the clarification “unacceptable”.

The alleged irregularities were related to an adjustment to write-off inventories totalling RM36.6 million in MSM Johor’s 2019 financial statements.

“We have undertaken due process to allow the GCEO to clarify on the irregularities pertaining to the adjustment to write-off inventories amounting to RM36.6 million in MSM Johor,” it said.

MSM said Fakhrunniam Othman would continue as officer-in-charge until the board had identified a suitable candidate for the position of GCEO.

Fakhrunniam is MSM’s parent FGV Holdings Bhd group investment officer.

On September 10 this year, MSM had placed its GCEO on leave of absence over the alleged irregularities.

Khairil Anuar had also been directed by MSM’s board of directors to explain certain irregularities related to MSM Johor’s inventories.

MSM had also established a board executive committee, comprising three directors namely Datuk Syed Hisham Syed Wazir, Datuk Dr Abd Hapiz Abdullah and Datuk Haris Fadzilah Hassan, to guide and assist the officer-in-charge during the interim.

Source: TheEdgeMarkets