KUALA LUMPUR (June 20): Tai Boon Wee, who was probed by the Malaysian Anti-Corruption Commission (MACC), has relinquished his executive chairman post but remains as chief executive officer of GIIB Holdings Bhd.

Tai Boon Wee (Photo by Patrick Goh/The Edge filepix)

In a filing to Bursa Malaysia on Tuesday (June 20), the rubber-related compounds manufacturer said Tai remains as CEO, and Datuk Seri Wan Adnan Wan Mamat is replacing Tai as non-executive chairman.

The boardroom changes came after Tai transferred 45.81 million shares or a 7.75% stake in the company to his son Qisheng, who is also an executive director, according to a bourse filing on June 13.

GIIB said the transfer occurred through an off-market transaction, which resulted in Qisheng, 36, possessing 67.69 million shares or an 11.45% direct ownership in GIIB. Tai, meanwhile, is left with 9.6 million shares or a 1.62% stake.

Wan Adnan, 63, is currently the independent non-executive chairman of Infraharta Holdings Bhd (formerly known as Vertice Bhd), an independent director of Magna Prima Bhd, and also an independent director of PUC Bhd.

Datuk Seri Wan Adnan Wan Mamat (Filepix credit: magnaprima.irchartnexus.com)

He is also a director of Royal Pahang Durian Sdn Bhd and Sungei Wang Group, and chairs the Malaysia Aviation Training Academy. He has been the Tanjung Lumpur state assemblyman since 2008.

With a Degree in Business Administration from University of Kyoto, Japan, he was formerly the chairman of the Furniture Industry Technology Center (Fitec) from 2017 to 2018, a board member of KNM Group Bhd (2015-2018), the chairman of MMN Bina Sdn Bhd (2013-2015), and a board member of Inno Biologic Sdn Bhd (2005-2012).

Wan Adnan was also the Indera Mahkota member of Parliament from 2004 to 2008.

MACC probe

Just a day before (June 19), GIIB announced in a bourse filing that the recent MACC investigation into the company concerned an invoice for a sum of RM24,000 issued by its 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd over the sale of gloves.

GIIB was providing additional details sought by Bursa Malaysia in connection with the MACC's action to remand three directors of GIIB to assist in an investigation in relation to the issuance of invoice and proceeds banked into GIIB's account, inflation of debts of a subsidiary in an announcement, and unauthorised payments to persons unknown.

The group said it had obtained legal opinion and concluded that the transaction was legal and did not breach any laws.

GIIB also clarified that Tai, together with executive directors Tai Qiyao and Wong Ping Kiong, had been remanded by the MACC to assist with the investigation but were released on June 2.

It added that no financial and operational impact arose from the investigation.

On Monday, GIIB announced the appointment of Tan Sri Robert Phang Miow Sin as the group’s executive adviser. Phang was on the Panel of Advisers for the MACC and a council member of the Malaysia Crime Prevention Foundation.

GIIB shares closed one sen or 7.69% lower at 12 sen, giving it a market capitalisation of RM67.41 million.

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GIIB says MACC probe linked to invoice for sale of gloves by its 51%-owned unit