KUALA LUMPUR (Oct 5): Datuk Khairil Anuar Aziz has been axed as MSM Malaysia Bhd’s group chief executive officer (CEO) after the sugar company’s board found his clarification about an adjustment to write off inventories that amounted to RM36.6 million, unacceptable.
Khairil, 53, had been placed on a leave of absence since Sept 8 over the issue.
"The board of directors of MSM Malaysia Holdings Bhd wishes to inform that the board has undertaken due process to allow the group chief executive officer to clarify on the irregularities pertaining to the adjustment to write-off inventories amounting to RM36.6 million in MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor) in the 2019 Financial Statements. The board has assessed the clarification provided by the GCEO and finds them unacceptable. The board has decided that the GCEO ceases office with effect from Oct 5, 2020," MSM announced in a stock exchange filing.
It also updated that Fakhrunniam Othman will continue as the officer-in-charge until the board identifies a suitable candidate to fill the position of its GCEO.
Fakhrunniam, currently FGV Holdings Bhd's group investment officer, was appointed as interim MSM CEO when Khairil was placed on his leave of absence. At the time of his appointment, Fakhrunniam was also tasked to conduct a comprehensive review of the production recording and reporting system for MSM Johor.
Shares in MSM finished unchanged at 46.5 sen today, giving the group a market capitalisation of RM326.89 million. It saw 200,000 shares transacted.