KUALA LUMPUR: The 11-month long domestic inquiry on TMC Life Sciences Bhd suspended group chief executive officer (CEO) Wan Nadiah Wan Mohd Abdullah Yaakob is currently on contract terminations by two insurers and the entry into contract with one company.
This was revealed in Wan Nadiah's written representation filed with Bursa Malaysia on Wednesday.
According to the filing, the latest domestic inquiry proceeding levelled five allegations against Wan Nadiah concerning the termination of the contracts by Great Eastern Life Assurance (M) Bhd (GE) and Allianz Life Insurance Malaysia Bhd; and entry into a contract with T-Systems Malaysia Sdn Bhd.
At the height of the inquiry, total allegations against Wan Nadiah numbered at 15.
"It does appear to me that the TMC Life Sciences/TMC Care Sdn Bhd/Thomson Hospitals Sdn Bhd (THSB) are trying to pin the blame for the termination of the contracts by GE and Allianz and the entry into the contract with T-Systems, solely on me. This is I believe is simply not fair, reasonable nor acceptable legally," she said in the written representation.
Wan Nadiah said that she had always recognised and accepted her duties and obligations as CEO of TMC Life Sciences and Thompson Hospital.
"In this regard, I recognise that I am regarded as the chief and principal person in charge of the management of the company/THSB. However, the fact of the matter is that I am reliant on my subordinates performing their roles and obligations properly to enable me to perform my role to the expected standards expected of me."
"It must also be borne in mind that I am always subject to board control and am not able to enter into contracts without the board's approval," I she said.
Wan Nadiah added that she cannot be held responsible for matters that are beyond her knowledge and for matters for which she was kept in the dark about.
"Ultimately, if matters are not escalated to my level or if my subordinates fail to perform their duties, then I cannot be held solely responsible for these matters. Further, if the board approves of certain matters, I certainly cannot be held solely responsible for these matters," she said.
Wan Nadiah was suspended from her role as CEO in January this year.
TMC Life Sciences' major shareholder Sasteria Pte Ltd earlier this month called for an extraordinary general meeting to remove Wan Nadiah as a director in the company.
TMC Life Sciences reported an 81 per cent drop in net profit to RM2.9 million for the first quarter ended Sep 30, 2024 of the financial year 2025 (1Q25), on termination of certain customer contracts and discounts given to institutional customers.
TMC Life Sciences' share price was unchanged at 51 sen a share, giving it a market capitalisation of RM888.4 million.