KUALA LUMPUR (June 14): The chairman and an independent director of BTM Resources Bhd (KL: BTM) have resigned from their positions amid concerns over certain material transactions.

The resignations of the chairman and independent director Loo Eng Hua and independent non-executive director Leou Thiam Lai were announced by the Terengganu-based wood processing firm in filings with Bursa Malaysia on Wednesday (June 12).

Lau and Leou said in the filings that the material transactions had not been adequately addressed by the executive directors of the holding and subsidiary companies and this could have a material impact on the group’s financial position.  

Given these circumstances, they said that they are unable to fulfill their fiduciary duties and responsibilities.  

Loo is currently also a non-independent non-executive director of Sern Kou Resources Bhd, while Leou is an independent non-executive director of Yong Tai Bhd.  

BTM Resources' executive director is Tan Boon Pock and he is also a director of Bio Dinamik Sdn Bhd which is involved in the renewable energy and green energy business. Currently, he sits as the managing director of Fortune Family Office Sdn Bhd, which is involved in setting up family offices for high-net-worth individuals and SMEs; focusing on personal, family, and business advisory matters, its annual report showed.  

Shares of BTM Resources closed unchanged at seven sen on Thursday, giving the group a market capitalisation of RM88 million.