KUALA LUMPUR (Feb 10): Ooi Chieng Sim, the former chairman of Heng Huat Resources Bhd, has resigned from his position as non-independent and non-executive director of the company.
Ooi resigned "to focus on his personal matter", according to Heng Huat's filing with Bursa Malaysia today.
Ooi, who was also chairman of ATTA Global, was redesignated to being a non-independent and non-executive director in less than two weeks ago on Jan 31, a few days before he was suspended from his directorship. His executive role in ATTA Global has also been suspended.
The changes came after news broke that, Ooi, who currently still holds a cumulative 20.3% stake in Heng Huat, was among eight men who were charged at the magistrate's court in Bukit Mertajam, Penang, for drug trafficking.
The eight men were charged with trafficking 4,980 grammes of methamphetamine at a warehouse on the right side of ATTA Global’s premises at the Perai Industrial Estate at about 10.30am on Jan 16. If convicted, the offenders face the death penalty or life imprisonment.
Both Heng Huat and ATTA's shares have been suspended from trading on Jan 16, amid police investigations.