KUALA LUMPUR (Aug 26): TH Plantations Bhd (KL:THPLANT), the plantation arm of Lembaga Tabung Haji, announced on Tuesday that it has terminated CEO Mohamed Zainurin Mohamed Zain’s contract, according to the company's bourse filing.
This follows show cause letters issued in July to him and chief financial officer Marliyana Omar over alleged unauthorised payments of RM5.1 million to plantation workers. Marliyana resigned following receipt of the show cause letter.
In a separate filing with the bourse, the company said Mohamed Zainurin, who was issued the letter of termination on Tuesday, was removed following misconduct. No further information was provided.
Zainurin, 58, having served as TH Plantations CEO since October 2021, had been on garden leave since being issued the show cause letter.
Before that, he was financial controller at New Britain Palm Oil, a Sime Darby Plantation subsidiary in Papua New Guinea. He also worked as senior vice-president at Khazanah Nasional’s agrifood unit and held other senior roles in its subsidiaries and joint ventures.
TH Plantations’ operations are now overseen by a board executive committee formed in July, led by chairman Datuk Dr Ahmad Kushairi Din. Other members include directors Kasmuri Sukardi, Nor Adila Ismail and chief operating officer Alikamal Abu Hassan.
The plantation firm reported 13.25% higher net profit for the second quarter ended June 30, 2025 (2QFY2025), as improved prices and sales volumes of crude palm oil and palm kernel lifted earnings.
Net profit for the quarter came in at RM11.79 million, compared with RM10.41 million in 2QFY2024.
In 2019, TH Plantations dismissed its CFO Mohamed Azman Shah Ishak after a two-month suspension and a show cause letter. This followed a forensic audit led by a new management team aiming to turn the company around, though the audit results were never made public. During the interim, finance department staff Marliyana and Hamidah Hassan took over CFO duties.
The stock closed down 4.46% or 2.5 sen to 54 sen on Tuesday, giving it a market capitalisation of RM472.86 million. Year to date, TH Plantations is down 21.32%.