TH Plantations Berhad announced that its Chief Executive Officer (CEO), Mohamed Zainurin Mohamed Zain, has been placed on garden leave, effective immediately, following the issuance of a show cause letter. The letter pertains to alleged unauthorised payments totaling RM5.1 million made to plantation workers.
Concurrently, the Chief Financial Officer, Marilyana Omar, who also received a show cause letter today, has tendered her resignation with immediate effect.
Mohamed Zainurin was appointed CEO of TH Plantations on October 1, 2021. He brings over 33 years of experience in various industries, including integrated agrifood plantations and halal food supply chains.
In the interim, THP said the functions of the CEO will be assumed by a newly established temporary Board Executive Committee (Board EXCO) of THP, until further notice. THP assures stakeholders that the company’s business operations will continue as usual despite the leadership changes.
The company’s filing did not provide further details on the nature of the alleged unauthorized payments but indicated that investigations are underway. The placement of the CEO on garden leave and the CFO’s immediate resignation highlight the seriousness of the allegations as the company addresses the matter.
