TH Plantations Takes Action Against CEO and CFO Over RM5.1 Million Unauthorized Payments

TH Plantations Bhd issued show-cause letters to CEO Mohamed Zainurin Mohamed Zain and CFO Marliyana Omar over alleged unauthorised payments of RM5.1 million to workers.

Zainurin has since been placed on garden leave, which took effect yesterday, and will remain in this position until further notice, according to the group’s filing with Bursa Malaysia.

However, Marliyana, 44, who was appointed to the position on April 14, 2023, has voluntarily tendered her resignation with immediate effect.

TH Plantations’ operations will be overseen in the interim by a newly formed board executive committee led by its chairman Datuk Dr Ahmad Kushairi Din.

“The company shall continue its business as usual,” TH Plantations said.

The company reported a 1.5% drop in 1QFY2025 net profit to RM12.8 million, despite a 21% rise in CPO prices to RM4,577 per tonne, due to lower sales and other factors. Revenue increased 13.9% to RM179.1 million, but no dividend was declared. The share price rose 0.9% to 54 sen, valuing the company at RM477.3 million.

TH Plantations

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