KUALA LUMPUR (April 17): James Teo Bok Yu, the son of SHH Resources Holdings Bhd founder and managing director Datuk Teo Wee Cheng, has resigned as the group’s chief executive officer (CEO).
He resigned “to pursue other interests”, according to the group’s bourse filing on Monday (April 17).
Wee Cheng and his wife Datin Teo Chan Huat, who is also the deputy managing director, are major shareholders in the group with a combined stake of 17.28%.
Bok Yu’s sister Teo Chee Teng, 25, was newly appointed as SHH Resources' managing director on Feb 21, after Wee Cheng resigned citing other personal commitments.
Wee Cheng, 65, claimed trial in the Sessions Court in Johor Bahru on Feb 22 to soliciting bribes worth RM12.8 million and receiving RM1.5 million in connection with the Jana Wibawa programme.
Wee Cheng was accused of receiving bribes in exchange for helping Muar Usaha Bakti Sdn Bhd and TS Dynamic Construction Sdn Bhd procure contracts and subcontractor jobs involving various road upgrade and road construction projects in rural Johor from the government, allegedly by using his government connections.
He claimed trial to nine charges of soliciting and receiving bribes before judge Datuk Ahmad Kamal Arifin Ismail. Two of the charges were for soliciting bribes worth RM11.3 million, while the other seven charges were for receiving a total of RM1.5 million in bribes.
All nine charges were framed under Section 16(a)(a) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, and punishable under Section 24 of the same Act, which carries up to 20 years' jail and a fine of not less than five times the amount of the bribe or RM10,000, whichever is higher, upon conviction.
Bok Yu held the CEO position from Dec 1, 2017. He had joined wholly owned SHH Furniture Industries Sdn Bhd in 2011 to assist the managing director in production operation, and was subsequently promoted to product development manager in 2015.
Less than two weeks ago, SHH announced the resignation of its chief operating officer Tan Heng Ngee “to pursue other interests”.
SHH shares closed one sen or 1.27% lower at 78 sen on Monday, for a market capitalisation of RM78 million. The counter has climbed 11.43% in the past one month.