LTKM Chairman missing in action? (2)

With reference to the previous posting on this subject, LTKM made the following announcement to Bursa:


"We refer to Bank Negara Malaysia' notice dated 23 October 2013 in The Star newspaper, seeking to locate Encik Ahmad Khairuddin bin Ilias ("Encik Ahmad"), the Company's Independent Non-Executive Chairman, to assist in the investigations of the affairs of Genneva Malaysia Sdn Bhd ("the said matter").

The Board of Directors of the Company wishes to inform that the Directors of the Company have attempted to locate Encik Ahmad but failed to do so up to date.

The Board has met this morning on the said matter and has decided to take the following immediate actions which the Board believes will be in the best interest of the Company. These are:-

(a) With immediate effect, the duties and responsibilities of Encik Ahmad, the Non-Executive Chairman of the Company, is suspended pending the necessary clarification and verification by the Board and the Management regarding the said matter.

(b) With immediate effect, Encik Kamarudin bin Md Derom, an Independent Non-Executive Director is appointed as the Deputy Non-Executive Chairman of the Company.

The Board will make further announcement(s) on the said matter pending the outcome of the clarification and verification by the Board and the Management in due course."


Correct decision, as far as I can see, although rather late, the Board of Directors should have known of Mr. Ahmad's involvement with Genneva Malaysia, which could very well lead to problems down the road. The issue was well noticed by Errol Oh of The Star.