CEO Morning Brief

Sentoria Suspends CEO Loh Yuen Tuck Just Four Months Into His Tenure, Citing Misconduct

Publish date: Thu, 30 May 2024, 10:20 AM
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TheEdge CEO Morning Brief
Sentoria Group Bhd CEO Datuk Loh Yuen Tuck has been suspended from his duties for three months with immediate effect for alleged misconduct.

KUALA LUMPUR (May 29): Sentoria Group Bhd (KL:SNTORIA) announced on Wednesday that it has suspended its group chief executive officer (CEO) Datuk Loh Yuen Tuck from his duties with immediate effect, due to alleged misconduct.

"The suspension period shall be for a period of three months and shall be vary depending on the final recommendation by the external inquiry team to be appointed soonest possible," the group said in a bourse filing.

The inquiry will cover Loh's alleged absence from office without notice since May 17, abuse of authority, and other misrepresentation and irregularities, said Sentoria, which is involved in property development and construction, as well as the leisure and hospitality industry.

During the period of suspension, Loh's duties and responsibilities will be taken over by the group's joint managing directors, Datuk Chan Kong San and Gan Kim Leong, the group added.

Loh was appointed to the position in January this year, according to Sentoria's latest annual report, which described him as having a wealth of experience in mergers and acquisitions, research, and successful investments gained from various positions held in companies like Quilter Goodison in London, SJ Securities in Malaysia, and Sun Hung Kai in Hong Kong.

The report said Loh would be leading the new transformation team aimed at revitalising the group, overseeing strategic direction, business development, and diversification.

Chan and Gan, who are Sentoria's co-founders, control the group through a special vehicle, Sentoria Capital Sdn Bhd, with a 35.79% stake.

Notably, the state secretary of Pahang also owns a 14.29% stake in Sentoria.

Shares in Sentoria closed half a sen or 9.09% higher at six sen on Wednesday, valuing the group at RM34.26 million.

Source: TheEdge - 30 May 2024

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