KUALA LUMPUR (June 3): Cahya Mata Sarawak Bhd (CMS), who suspended its group chief financial officer (CFO) last month, has now appointed KPMG Management & Risk Consulting Sdn Bhd (KPMG MRC) as independent consultant in charge of to examine the management of certain investments and contracts.
On May 5, the group announced that it had suspended Group CFO Syed Hizam Alsagoff for 30 days to facilitate investigations into allegations of financial mismanagement in relation to the company’s investments and operations.
Prior to that, on April 22, CMS Group Vice-Chairman Datuk Seri Mahmud Abu Bekir Taib said he was requesting leave of absence from all of his positions in the group, as the group launched an investigation into allegations of conflict of interest involving him and former CMS news director Karl Vink @ Khalid Abdullah.
At the time, CMS’s board also said it reported conflict of interest allegations involving Mahmud Abu Bekir and Karl Vink to authorities, and said the allegations were received through the group’s whistleblower channel.
In its latest filing today, CMS said its board of directors has decided to extend Syed Hizam’s suspension by 60 days to reflect the length of time it takes for KPMG MRC to complete its work and report on its conclusions to the board.
CMS shares were down two sen or 1.23% to RM 1.60 today, valuing the company at RM 1.72 billion. The counter fell 21.18% from RM 2.03 over the past month.