Saturday, 26 October 2013

LTKM Chairman missing in action?

Bank Negara is asking the public for information regarding the whereabouts of one of the directors of Genneva Malaysia. Advertisements have been published in several Malaysian newspapers:

Errol Oh from The Star points out that Ahmad Khairuddin is not only one of the directors of Genevva but also the Chairman of public listed LTKM. Something that was left out of the (in my opinion much too short) description of the chairman in the last year report of LTKM:

Errol Oh continues:

"Given that the central bank has to resort to ads in the hope of getting information on him or his whereabouts, it’s likely that he hasn’t been in touch with its enforcement team for a while.

With warrants of arrest issued against him, is Ahmad Khairuddin able to contribute effectively to LTKM’s boardroom deliberations? Can it be possible that he’s still accessible to the LTKM management and other directors, and yet be on Bank Negara’s list of persons sought? Isn’t there something wrong with this picture?


LTKM must address such questions sooner rather than later. Stakeholders shouldn’t be left in the dark when there’s the perception that the chairman is in legal trouble and has gone missing. If the company too can’t contact Ahmad Khairuddin, others have to step in to do the job. All this ought to be communicated to the investing public.

It’s fair to make a distinction between Ahmad Khairuddin’s involvement in Genneva Malaysia and his duties at LTKM. But this could only go so far. The compartmentalisation crumbled when the Genneva Malaysia scandal rudely intruded upon LTKM’s stewardship."

All very relevant questions, hopefully LTKM will soon make an official announcement on this issue.

It is really a pity for LTKM, which is an otherwise decent company. As far as I am aware, there is further no link between Genevva and LTKM.

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