KUALA LUMPUR: TMC Life Sciences Bhd said it will issue a domestic inquiry notice to suspended group chief executive officer (CEO) Wan Nadiah Wan Mohd Abdullah Yaakob for her to be heard by an independent panel, after a mediation process between the company and Nadiah failed.
In a filing with Bursa Malaysia Securities, TMC Life Sciences said it had wanted to issue a notice of domestic inquiry to Nadiah after her response to the company's second show cause letter dated March 29, 2024 listing nine (9) allegations of misconduct was found to be generally insufficient by the audit and risk management committee.
On May 28, 2024 however, Nadiah requested mediation, on a without prejudice basis, that was promptly agreed to by the board of directors on May 30, 2024.
TMC LIfe Sciences said the mediation process took place before an independent certified mediator, appointed by the company and Nadiah, on June 6, 2024 and June 10, 2024.
The mediation was attended by members of the audit and risk management committee on behalf of the company.
"However, the mediation followed by subsequent negotiations failed to achieve any settlement effectively on July 26, 2024."
"In view of the above, the notice of domestic inquiry will be issued to Nadiah in due course to allow her the opportunity to be heard by an independent Domestic Inquiry panel," TMC Life Sciences said.
TMC Life Sciences suspended the employment of Nadiah on Jan 29, 2024, to facilitate an internal disciplinary process relating to six allegations of misconduct as stated in the first show cause letter issued to her on Jan 29, 2024.
Dr Heng Jun Li is currently acting group CEO of the company.
TMC Life Sciences close half a sen higher at 61.5 sen a share, giving it a market capitalisation of RM1.07 billion.