This article first appeared in The Edge Financial Daily on November 23, 2017

KUALA LUMPUR: APFT Bhd executive chairman Datuk Faruk Othman has stepped down from his position after seven years in office due to differences of opinion with the company’s executive director (ED) Edwin Sylvester Das.

In a filing with Bursa Malaysia yesterday, the loss-making flight education and training service provider said Faruk, 69, resigned from his post on Nov 6, citing he was no longer the company’s majority shareholder and had no control over its financial and operational management.

“He does not wish to be responsible for whatever action and decision made by the [current] management,” it said.

APFT noted as at the date of this announcement, the board of directors had yet to identify a suitable candidate as executive chairman. “For the time being, Edwin will take over the management role,” it added.

Faruk still holds a direct interest of 6.25% in APFT and an indirect share of 0.92% through Forad Holdings Sdn Bhd.

APFT also pointed out Faruk’s disagreement with Edwin over the former’s son Arif Faruk — previously the company’s ED before resigning on Aug 2, citing “other personal commitments” — and his resignation from the subsidiary companies, not effected by the company secretary on instruction by Edwin which are awaiting the Companies Commission of Malaysia’s confirmation on their resignation.

Edwin, 59, formerly MQ Technology Bhd’s ED, assumed his current post on Aug 2. It was reported that he was brought in to turn around APFT.

According to APFT’s annual report 2016, Faruk — with over 30 years of experience in the financial sector, mainly in banking and stockbroking — was appointed as executive chairman on June 22, 2010.

He was Inter-Pacific Securities Sdn Bhd’s ED before being appointed executive chairman of United Merchant Finance Bhd in 1994. Currently, Faruk is a director of Premier Nalfin Bhd and also sits on the board of several private limited companies.

APFT has been in the red since the financial year ended Dec 31, 2012, citing softening demand for fixed wing pilot training in Malaysia in line with the cuts on training programmes by major local airlines. From Aug 1, 2016 to July 31, 2017, the company posted a net loss of RM10.32 million on revenue of RM61.41 milion.