The Board of Directors (“the Board”) of ACE Investment Bank Limited (“AIBL”) wishes to inform the public on the following:
It has come to our attention that AIBL’s Chief Executive Officer (“CEO”), Encik Saifulrizam bin Zainal together with the Chief Operating Officer (“COO”), Encik Zulkifli bin Hassan had allegedly entered into transaction(s) pertaining to the trading of gloves to which the Board had no knowledge of, had not been made aware of, and which had not been mandated by the Board in any form or manner. The information and circumstances leading to the aforementioned transaction(s) were withheld from the Board at all material times.
In view of the gravity of the matter, both the CEO and COO of AIBL have since been placed on leave of absence pending further investigation into all such activities undertaken by the CEO and COO, and completion of the necessary due process. As such, this is to serve as notice that the rights, powers and/or duties of the CEO and COO of AIBL and/or any such dealings by the CEO and COO of AIBL which concerns, involves and/or are related to AIBL, are suspended with immediate effect and the relevant and necessary notice dated 7 January 2021 had been issued to the CEO and COO to this effect.
Based on the investigation findings, AIBL will take all necessary actions to protect its legal rights and its name and reputation, which may include filing of a police report against parties involved on this matter or the said transaction(s), and to take such necessary legal action where necessary, as well as to report to the relevant authorities.
The Board views this matter seriously and puts all parties on immediate notice to exercise caution and to refrain from dealings with the two individuals. We urge any parties who may have ongoing dealings on this matter, concerning any glove related transaction(s) on the matter herein and/or relating with the CEO and/or COO to contact us at: firstname.lastname@example.org.
AIBL will continue its business as usual. In the interim period, the Board has appointed Mr. Yeo Wee Sun as the Acting CEO to perform the functions of the AIBL CEO. Mr. Yeo is currently the Group Investment Director of ACE Group.
The Board has also established a Board Executive Committee, comprising all of AIBL Directors, namely Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak, Ms. Chang Ai Nee, Mr. Choong Chee Meng and Mr. Wong Zhen Fai to oversee the investigation as well as provide guidance and assistance to the Acting CEO during this period.
This notice is issued without prejudice to any and all rights and remedies of the Board and AIBL in respect of this matter. Further announcements shall be made on this matter, and all rights of the Board and AIBL are reserved.