KUALA LUMPUR (Oct 28): Tan Sri Lodin Wok Kamaruddin, 67, is stepping down as Affin Holdings Bhd deputy chairman with immediate effect, as his contract isn't being renewed.

Lodin was appointed as a director of Affin on July 19, 1986. He was subsequently appointed as the managing director of the group in February 1991 and redesignated to his current role on July 1, 2008.

In a filing with Bursa Malaysia today, Affin said Lodin, who is also the chief executive of Lembaga Tabung Angkatan Tentera, has extensive experience in managing a provident fund and in the establishment, restructuring and management of various business interests ranging from plantation, trading, financial services, property development to oil and gas, pharmaceuticals and shipbuilding.

Presently, Lodin is the chairman of Boustead Heavy Industries Corp Bhd, Boustead Petroleum Marketing Sdn Bhd, Pharmaniaga Bhd and MHS Aviation Bhd, as well as the deputy chairman and group managing director of Boustead Holdings Bhd.

Lodin also holds directorships in FIDE Forum, Minority Shareholder Watchdog Group, Boustead Properties Bhd and UAC Bhd. He also sits on the board of Affin Hwang Investment Bank Bhd and AXA Affin Life Insurance Bhd.

He is also the non-executive chairman of Affin Hwang Asset Management Bhd.

Lodin was formerly the chairman of 1Malaysia Development Bhd (1MDB), but stepped down after the entire board of directors resigned on May 31, following recommendations made in the Public Accounts Committee's report on the troubled strategic development company. 1MDB is at the heart of investigations at home and abroad, including in Switzerland, the U.S. and Singapore, over allegations it was used to channel money to politically-connected individuals.

In a separate filing, Affin said Bank Negara Malaysia gave its approval in a letter dated Oct 28, 2016 for an extension of three months for Affin to complete its negotiations with Felda Marketing Services and AXA Asia, in relation to its proposed acquisition of a 16% stake in AXA Affin General Insurance Bhd. Affin currently holds a 34.51% stake in AXA Affin.

On Sept 23, Affin had announced it had submitted an application to the central bank for an extension of time.