KUALA LUMPUR (Aug 26): Datuk Seri Shafiz Shahrani has resigned as an executive director of loss-making LFE Corp Bhd.

A bourse filing today showed Shafiz, 40, announced his resignation today, citing to focus on his commitments on Shapadu Group, where he is currently the group executive chairman. Shafiz is the son of the late Datuk Shahrani Abdullah — the founder of the Shapadu Group.

According to LFE's Annual Report 2018, Shafiz was appointed to the board of directors on Nov 27, 2015.

He started his career as a business development executive with Shapadu Corp Sdn Bhd in 2000, and moved on to various positions with Shapadu Group.

Shafiz held a 31.58% stake in LFE as at March 29, 2019.

On May 2, LFE's external auditors Messrs Morison Anuarul Azizan Chew had issued a statement of material uncertainty related to going concern in relation to LFE's audited financial statements for the financial year ended Dec 31, 2018 (FY18).

Morison Anuarul Azizan Chew had pointed out that the group incurred a net loss of RM10.57 million and reported a negative operating cash flow amounting to RM437,946 in FY18. In addition, the group had delayed in meeting their operational obligation.

LFE shares closed down 0.5 sen or 3.85% at 12.5 sen today, with 9,600 shares done, bringing a market capitalisation of RM25.55 million.