KUALA LUMPUR (May 5): Cahya Mata Sarawak Bhd (CMS) today suspended its group chief financial officer (CFO) Syed Hizam Alsagoff for 30 days with immediate effect.
The suspension is to facilitate investigations into allegations of possible financial mismanagement in relation to the company's investments and operations, CMS said in a filing with Bursa Malaysia.
On April 22, CMS deputy group chairman Datuk Seri Mahmud Abu Bekir Taib said he is seeking leave of absence from all his positions in the group, as the group launched an investigation into allegations of conflict of interest involving him and former CMS chief information officer Karl Vink @ Khalid Abdullah.
The board of CMS had reported to the authorities the allegations of conflict of interest involving Mahmud Abu Bekir and Karl Vink, and said the allegations were received through the group’s whistleblower channel.
CMS’s shares closed five sen or 2.4% lower at RM2.03 today, valuing the group at RM2.18 billion. Over the past year, the counter has risen by 49.3% from RM1.36.