KUALA LUMPUR (Nov 27): The suspended group CEO of TMC Life Sciences Bhd (KL:TMCLIFE) has pushed back against allegations of misconduct levied upon her, alleging that the healthcare provider is attempting to “pin the blame” on her over certain contract decisions.
Wan Nadiah Wan Mohd Abdullah Yaakob is currently facing five allegations of misconduct relating to contract terminations with Great Eastern Life Assurance (M) Bhd and Allianz Life Insurance Malaysia Bhd and a contract entry with T-Systems Malaysia Sdn Bhd, according to a representation letter penned by her and published on the bourse by TMC Life Sciences on Wedneday.
"It does appear to me that TMC Life Sciences is trying to pin the blame for the termination of the contracts by Great Eastern and Allianz and the entry into the contract with T-Systems, solely on me," Wan Nadiah said.
"This, I believe, is simply not fair, reasonable nor acceptable legally," she added.
Wan Nadiah reasoned that she could not be held responsible for matters “beyond her knowledge” and “have been kept in the dark about”.
“It must also be borne in mind that I am always subject to board control and am not able to enter into contracts without the board's approval.
“Further, if the board approves of certain matters, I certainly cannot be held solely responsible for these matters,” she added.
Wan Nadiah noted that she has been advised to not comment further on the allegations as the domestic inquiry proceedings remain ongoing. Nonetheless, she said she has acted in the best interest of the company and its wholly-owned subsidiary Thomson Hospital Sdn Bhd at all material times.
The representation letter is in response to the requisition notice the company received from the company’s two largest shareholders — Sasteria (M) Pte Ltd and the Regent of Johor, Tunku Ismail Sultan Ibrahim — earlier this month calling for an extraordinary general meeting to remove Wan Nadiah as its group CEO as well as a director.
Based on the group's latest annual report, Sasteria holds a 70.13% stake while Tunku Ismail owns 7.64%.
Wan Nadiah was suspended from her position as group CEO at TMC Life Sciences as well as CEO of Thomson Hospitals in January this year.
Initially, she faced six allegations of misconduct, which was later expanded to 15 in March this year. However, this was reduced to eight in August and subsequently to five during the recent domestic inquiry proceeding, according to the representation latter published on Wednesday.
The domestic inquiry against Wan Nadiah emerged after parties failed to achieve any settlement following the issuance of show-case letters and a mediation process. The domestic inquiry is to allow Wan Nadiah the opportunity to be heard by an independent domestic inquiry panel.
Shares in TMC Life Sciences ended unchanged at 51 sen on Wednesday, giving the company a market capitalisation of RM888.36 million.