KUALA LUMPUR (Sept 1): Sersol Bhd said the functions of chief executive officer (CEO) Datuk Wira Justin Lim Hwa Tat have been suspended with effect from August 30, 2023, on reasons that he had shown insubordination and failure to act as a responsible CEO.
In a bourse filing on Friday, the company said this was due to non-response by Lim to any of the official requests made by the board since July 20, 2023, asking him to return to the office to report to the board and pending his return from abroad to office, to provide a written response on the Malaysian Anti-Corruption Commission's inquiry on him and what work has he been doing as CEO while he is abroad.
Sersol said it is seeking the basis to warrant Lim as CEO to be abroad and away from office from February 2023 and expressed its concerns about whether Lim has been effectively discharging his role as CEO.
Last week, Sersol announced the removal of its executive chairman Datuk Lim Tiong Siang and two of its independent and non-executive directors, Shazreen Mohd Hatta and Sia Meng Chan, with immediate effect.
This came after the company's shareholders approved resolutions calling for their removal as directors, at an extraordinary general meeting (EGM) last Friday (Aug 25).
The chemical manufacturer also announced the appointment of Datuk Mohamed Suffian Awang as executive director, and Tan Tong Lang and Alan Ling Sie Kong as non-independent and non-executive directors, as approved by shareholders at the EGM.
Sersol was last traded at 15 sen, with 357,000 shares traded.