PASIR GUDANG (Jan 16): The second extension of chief financial officer (CFO) Mazatul 'Aini Shahar Abdul Malek Shahar’s garden leave will have no operational or financial impact on sugar manufacturer MSM Malaysia Holdings Bhd.
“It is a board matter,” said MSM group chief operating officer (COO) Hasni Ahmad, without elaborating on the reason for the extension.
“We are still running as normal, and we have OIC (officer in charge) in place (for financial matters). For us, there are no issues. So, we leave it to the board to make a decision on that,” he told reporters during a media visit to MSM Sugar Refinery (Johor) Sdn Bhd.
On Monday (Jan 15), MSM announced a second extension of Mazatul’s garden leave by another month.
Her garden leave was initially set from Oct 20 to Dec 15, 2023. At that time, MSM said it was to facilitate an ongoing internal investigation.
The leave was first prolonged to Jan 15, 2024, and now extended to Feb 15, 2024, or until the board provides further notice. She assumed the role of CFO in December 2022.
This is not the first time that MSM has taken action against a top executive.
In 2020, its then chief executive Datuk Khairul Anuar Aziz was replaced after MSM’s board found his clarification on write-offs in inventories amounting to RM36.6 million at MSM’s Johor plant unacceptable.
The company said the board has taken action due to certain irregularities related to the inventories.
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