KUALA LUMPUR (June 18): GIIB Holdings Bhd (KL:GIIB) said its founder Tai Boon Wee has returned to helm the group as chairman after being cleared of allegations previously investigated by the Malaysian Anti-Corruption Commission (MACC).
Tai's appointment takes place immediately, according to the group's bourse filing on Thursday.
He replaces Datuk Seri Wan Adnan Wan Mamat, who stepped down on June 11 to focus on personal commitments.
Tai, 66, was among three directors remanded by MACC in May 2023 in relation to an investigation involving a RM24,000 invoice issued by GIIB's 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd for glove sales, with proceeds banked into GIIB’s account.
The other two directors remanded were Tai’s son and executive director Tai Qiyao, and former executive director Wong Ping Kiong.
Following the remand, Tai stepped down as executive chairman in June 2023 and was redesignated as chief executive officer. He later stepped down from that role three months later. His other son, Tai Qi Sheng, was subsequently appointed CEO in December 2023 and continues to hold the position.
Notably, Tai has recently been in the media spotlight after revealing in the High Court during a defamation suit against former GIIB directors that he was allegedly targeted in a “corporate mafia” takeover attempt and had been threatened with a firearm at a restaurant.
In a statement, GIIB said the board has collectively agreed that it is appropriate for Tai to resume leadership of the group after being cleared of all allegations.
In addition, the board has appointed former senior police officer Koh Seok Keng and Ng Chee Keong, who also sits on Revenue Group Bhd’s (KL:REVENUE) board, as directors.
“With the new board composition, I believe the company is poised for growth and success while ensuring good corporate governance,” Tai said.
GIIB shares have been on a strong rally since end-April, hitting a five-year high of 49 sen on June 15. The counter closed unchanged at 48 sen on Thursday, giving it a market capitalisation of RM343.4 million. Year to date, the stock has surged more than 500%.