KUALA LUMPUR (April 16): Supermax Corp Bhd, which confirmed today that its chairman Tan Sri Rafidah Aziz resigned on Saturday (April 14), has assured that the rubber glove manufacturer's business operations won't be affected by her resignation.
"The resignation of Tan Sri Rafidah Aziz, as the Independent Non-Executive Chairman of the Company does not affect the day-to-day business operations nor the performance of Supermax Group.
"The board of Directors shall identify a suitable candidate for appointment as the new chairman of the company and will make the necessary announcement in due course," the filing read.
It added that it is "business as usual" at Supermax Group.
In a stock exchange filing earlier today, Supermax said Rafidah's resignation was for a “personal reason”.
Supermax's announcement confirmed a report by online news portal Malaysiakini that Rafidah had quit her post.
"Pursuant to the 'apology' by (Datuk Seri) Stanley Thai to the (caretaker) Prime Minister (Datuk Seri Najib Tun Razak) for whatever he did during the (Malaysian) 13th general election (GE13), I have resigned from serving as a director of Supermax Corp and as the chairperson, with effect from April 14," she was quoted as saying.
Rafidah's announcement came after Thai, the founder and former group managing director of Supermax, apologised on Saturday to Najib for his involvement in politics in the 13th general election. Saying he regretted doing so, he also claimed he was influenced by the Opposition at the time.
Thai vacated his MD post after being found guilty of insider trading and sentenced to five years jail with a fine of RM5 million last November.
Following Thai's apology, Supermax’s shares closed eight sen or 3.08% higher at RM2.68 today, giving it a market capitalisation of RM1.75 billion. Over the past 12 months, the counter has gained about 41.38%.
The San Antonio Spurs have been put in a precarious position involving star forward Kawhi Leonard centered the handling of his quad injury. This has moved to the point to where his long-term future with the franchise has seemingly been put up in the air.
Leonard is set to enter the fourth year of his five-year, $94.3 million deal that includes a fifth-year player option. The Spurs will have the opportunity to present the 26-year-old with a supermax contract over the upcoming offseason, but there is no certainty at this point that he would sign it, according to Vincent Goodwill of Bleacher Report.
This has become quite a complicated situation as there is clearly some separation between both sides that has developed over the last few months The entire handling of his quad injury has created an uneasy tension around the ordeal that has made for a lack of communication.
What has also been troubling is that Leonard was not present at the team’s first playoff game on Saturday night against the Golden State Warriors. Beyond the Spurs declaring him out for the playoffs, head coach Gregg Popovich also voiced no clarity as to when the two-time Defensive Player of the Year would return to the team.
There are many wrinkles to this situation that make it difficult to simply write off something that can be resolved with a sit-down meeting both sides. This has building sense that much more could come with the legitimate possibility that trade talk could arise at some point during the offseason if things remain the same. All of this is a fluid situation that should reach a resolution at some point this upcoming summer.
Agjl
Its not easy for that man.whom been slap with 5 years jail and 5m fine for case happened ages ago. He just have to do what he has to do for himself,his family and the company. Its not an easy decision especially with the dark power clouding above him. He has no place to go except....
PETALING JAYA: Tan Sri Rafidah Aziz has resigned as Supermax Corp Bhd chairman after managing director Datuk Seri Stanley Thai, who is currently appealing against his five-year sentence for insider trading, issued an apology to the Prime Minister for his involvement in politics last Saturday.
Rafidah, 74, who was appointed non-independent, non-executive chairman of Supermax in June 2015, cited “personal reasons” for her departure.
In a statement to Bursa Malaysia Securities today, Supermax said the resignation of Rafidah does not affect the day-to-day business operations or the performance of the group.
Thai said at a press conference last Saturday that he was influenced by propaganda and the Opposition during the 13th general election (GE13) and regretted getting involved in politics as a businessman, stressing that he was no longer involved in any political activities.
Recall that in 2013, Thai was quoted in a Bloomberg report saying that he would join Malaysian Chinese in abandoning support for Prime Minister Datuk Seri Najib Razak and vote for the Opposition in GE13.
Late last year, Thai was sentenced by the Kuala Lumpur Sessions Court to a five-year jail term and fined RM5 million for insider trading offences committed when he was CEO of now-delisted APL Industries Bhd.
Thai was convicted for communicating non-public information between Oct 26, 2007 and Oct 29, 2007 to former remisier Tiong Kiong Choon. Tiong was convicted of two counts of disposing of a total of 6.2 million APLI shares while in possession of the same non-public information via accounts belonging to his mother-in-law and his mother.
It was the first insider trading conviction where both the tipper (the person who communicated the inside information), Thai, and the tippee, Tiong, were charged and convicted for the offence.
On Bursa Malaysia today, Supermax soared 8 sen or 3.1% to RM2.68 on volume of 5.44 million shares.
