THE group CEO of timber products company NWP Holdings Bhd was suspended with immediate effect today, the board of directors said.
In a Bursa Malaysia filing, the board said the suspension was to facilitate its Investigative Working Group to carry out an independent investigation into an alleged potential misconduct(s) or breach of fiduciary duty/duties on certain past transactions under NWP Builder Sdn Bhd, which is a subsidiary of the company.
The company’s website lists Datuk Seri Kee Soon Ling as the group CEO. He was appointed to the board on May 6, 2016 and redesignated as group CEO on Nov 16, 2016.
During the investigation proceedings period, all the executive powers accorded to the group CEO will be suspended until any further notice.
The company also said further announcements will be made in the event of material developments in the matter.
NWP is principally involved in the wood-based industry, which is manufacturing of wood moulding, priming timber and laminated timber, trading of sawn timber, plywood and veneer, provision of kiln drying services, sawmilling service and trading of agricultural products.
For the year ended Aug 31, 2019, timber-related products were the main contributor to group revenue. Its wood moulding products were exported solely to China in FY19. Export sales contributed about 88% to total revenue in FY19.
For FY19, the company registered a revenue of RM6.9 mil and suffered a loss after tax of RM6.3 mil. – Feb 10, 2020
