KUALA LUMPUR (Nov 17): Datuk Seri Stanley Thai is returning to the board of Supermax Corp Bhd after nearly four years. He was named as the new executive chairman in a slew of boardroom changes announced by the glovemaker on Wednesday.
Thai, who was Supermax managing director until April 2018, will take over from Albert Saychuan Cheok. Cheok is concurrently re-designated as independent non-executive director in the company.
The glovemaker has also appointed Sung Fong Fui as independent non-executive director. All the appointments will take effect on Dec 8.
The re-emergence of Thai into the board of directors of Supermax comes about a year after he was acquitted by the High Court of insider trading in relation to APL Industries Bhd’s (APLI) shares in 2007.
The 61-year-old founder of Supermax was sentenced to five years' jail and fined RM5 million by the Sessioms Court in 2017 after he was found guilty of insider trading.
This resulted in him being disqualified as a director of Supermax, and he resigned from the board in April 2018. An application by Thai to be reinstated as a director in August 2018 was dismissed by the High Court.
The High Court overturned his conviction in September 2020, alongside with that of Tiong Kiong Choon, who was the remisier alleged to have facilitated the insider trading.
Thai currently is the largest shareholder of Supermax via a 38.26% stake held via Supermax Holdings Sdn Bhd.
Meanwhile, Sung, 47, has been group chief financial officer in Padini Holdings Bhd since May 2017, and appointed as executive director of Padini since May 2018.
Prior to Padini, she was an audit technical partner in the audit and assurance department of a large international accounting firm with 18 years of experience in audit and assurance, listing and business advisory work.
Cheok, 71, has served as chairman in Supermax since October 2018, following the resignation of Tan Sri Rafidah Aziz in April 2018 soon after Thai’s resignation at the time.
Shares of Supermax rose seven sen or 4% to close at RM1.82, giving the group a market capitalisation of RM4.95 billion.