KUALA LUMPUR: Offshore supply vessel provider Icon Offshore Bhd told Bursa Malaysia yesterday that deputy chief executive officer (CEO) Captain Hassan Ali is now in charge of the group’s day-to-day management following the remand of CEO Dr Jamal Yusof and the latter’s brother, chief operating officer Rahman Yusof.

The group said it had been informed by Jamal and Rahman’s legal counsel that the duo’s remand will be for a period of three days. Thus, Hassan is now in charge of the coordination of the group’s administrative and business activities in their absence.

As such, Icon Offshore said it does not expect the remand to have any financial or operational impact on the group.

“In the absence of the CEO, Captain Hassan, as the deputy CEO, has assumed the functions of the CEO with effect from April 22, 2015, in addition to his existing responsibilities,” it said.

“In light of the development, our company has engaged our stakeholders, namely our customers and lenders, to apprise them of the matter and, at the same time, to provide assurance to our stakeholders that it is business as usual for our group under the stewardship of our deputy CEO,” it said.  

The statement was in response to the local exchange’s query over the operations of the company following its announcement on Wednesday that Jamal and Rahman to “facilitate and assist [in] investigations” currently being conducted by the Malaysian Anti-Corruption Commission.

Icon Offshore’s share price fell 7.5 sen or 10.95% to close at 61 sen yesterday, with 79.04 million shares traded, making it the second-most-traded counter. The price gives it a market capitalisation of RM718.08 million.

This article first appeared in The Edge Financial Daily, on April 24, 2015.