KUALA LUMPUR (Oct 26): Matang Bhd (KL:MATANG) has suspended its chief financial officer and acting chief operating officer Tan Theng Hwee pending an internal investigation into governance, operational and management conduct matters.

In a bourse filing on Monday, the ACE Market-listed plantation group said the investigation was at a preliminary stage and there have been no findings of wrongdoing against Tan.

“The suspension is a neutral administrative measure to preserve the integrity of the ongoing probe and records, and does not constitute a disciplinary sanction or a finding of liability,” the group said. Matang did not specify the duration of Tan’s suspension.

During the suspension, group consultant and adviser Hoi Siew Chien will assume the duties of CFO and acting COO, Matang added. 

The group does not expect the suspension to have any material financial or operational impact for the financial year ending June 30, 2027 (FY2027).

According to Matang’s latest annual report, Tan was appointed to the position on Feb 3, 2020.

Matang is principally involved in oil palm plantation management and the sale of fresh fruit bunches (FFB), durian cultivation, processing, production and distribution, downstream activities, and property investment holding.

Huaren Holdings Sdn Bhd, the investment arm of the Malaysian Chinese Association (MCA), is Matang’s largest shareholder with a 25.49% stake.

Shares of Matang closed unchanged at seven sen on Monday, giving it a market capitalisation of RM167.24 million.