KUALA LUMPUR (Jan 4): E-payment solutions provider Revenue Group Bhd announced that the company has suspended the executive functions of two of its executive directors with immediate effect, pending an investigation over “certain complaints” against the pair.
The two executive directors under suspension are Brian Ng Shih Chiow and his younger brother Dino Ng Shih Fang.
“Following information that [has] been brought to the board of directors’ attention, the board has arrived at the decision to suspend the two executive directors immediately pending investigation,” Revenue Group managing director and group CEO Datuk Eddie Ng Chee Siong said in a statement on Wednesday (Jan 4).
Eddie, 50, co-founded Revenue Group with Brian and Dino in 2003. It is worth noting that he has no family relationship with the duo.
The 50-year-old Brian is the company’s largest shareholder with 55.5 million shares or an 11.93% stake, followed by the 47-year-old Dino with 53.21 million shares (11.44%), and Eddie with 43.17 million shares (9.05%).
In the press statement, Eddie, who is also the group’s alternate chairman, stressed that the board assures that despite the two executive directors' suspension, it is business as usual for Revenue Group as the next level of the leadership team is handling day-to-day operations.
“Additionally, we are also looking into further strengthening our management and internal control. The board and the management remain committed on growing our business and executing our growth strategies, which are progressing well,” he elaborated.
Revenue Group said it will make further announcements if there are any material development in respect of the matter.
Besides the suspensions, Revenue Group also announced the redesignation of the company’s non-executive chairman Nor Azzam Abdul Jalil to executive chairman, and the appointment of Tham Sai Cheong as an independent non-executive director.
Meanwhile, Revenue Group has on Wednesday changed its registered address from Dataran PHB at Saujana Resort, Shah Alam, to Northpoint Mid Valley City, Kuala Lumpur.
Interestingly, Revenue Group had on Jan 3 appointed its former independent non-executive director Ooi Guan Hoe as the group’s new executive director.
The 48-year-old Ooi, who is also a director of Techbond Group Bhd and TCS Group Holdings Bhd, had resigned as the independent director of Revenue Group on Nov 11 last year “due to personal matters”.
Shares in Revenue Group finished unchanged at 67.5 sen on Wednesday, giving the company a market capitalisation of RM323.09 million.