KUALA LUMPUR (April 2): T7 Global Bhd (KL:T7GLOBAL) said on Thursday that to the best of its board’s knowledge there is no ongoing investigation into the company.

Responding to a query from Bursa Malaysia Securities regarding Tan Sri Tan Kean Soon’s sudden resignation as T7 Global's executive deputy chairman, the company said it had only received his resignation letter and that he had not informed the company of any investigation.

T7 Global had announced on March 31 that Tan has resigned from his position after more than 10 years, citing "personal reasons".

The company also said that Tan Sri Dr Nik Norzrul Thani N Hassan Thani, T7 Global's executive chairman will continue to lead the company moving forward. Nik Norzrul is the company's largest shareholder with a  16.24% deemed interest.

The news triggered a sell-off in T7 Global’s shares as the market resumed trading on Thursday after the Hari Raya break, leading to a 28-month low close, and the suspension of intraday short-selling of the shares.

T7 Global shares closed the day at 32 sen, for a loss of 18 sen or 36%, and valuing the company at RM326.7 million.  The year-to-date loss is 28%.

The counter saw over 56 million shares traded on Wednesday. The heavy sell-off wiped out RM165.6 million in the company's market capitalisation in a single day.

Bursa filings show that Tan has a direct stake of 8.22%, and an indirect stake of 4.81%, in T7 Global.

Read also:
T7 Global closes at more than two-year low after deputy chairman's departure
Tan Kean Soon steps down as T7 Global executive deputy chairman, board says no operational impact