Revenue Group’s Woes Mount as Danny Leong Resigns as Group CEO
by Fintech News Malaysia March 16, 2023Payment solutions provider Revenue Group‘s Group CEO Danny Leong Kah Chern has tendered his resignation just two months after he took up the position in the embattled company.
According to credible sources, Danny will be stepping down officially on 23 May after having first accepted the position on 6 January this year.
The resignation of the former GHL Group CEO has given rise to uncertainties about the company’s future.
Just two days ago, Revenue Group’s Managing Director and alternative Chairman Datuk Eddie Ng Chee Siong resigned from his position and sold off 25.34 million of his shares late last month so he is no longer one of the majority shareholders in the company.
Revenue Group’s boardroom has been a revolving door as executive directors Lai Wei Keat, Ooi Guan Hoe, Loo Jo Anne, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong announced their resignation for varying reasons.
The group had then appointed five new directors to its board on Monday including its new Chief Financial Officer Ng Kuan Horng, Teh Chee Hoe as the executive director along with four independent, non-executive directors Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.
The hits keeps coming for Revenue Group as Co-founders and former executive directors Dino Ng Shih Fan and his brother Brian Ng Shih Chiow were accused of fraudulent disposal of a company asset. They pleaded not guilty to the charge on Tuesday.
In late January, both brothers were suspended with immediate effect for allegedly forcibly entering the company’s premises illegally and stealing documents which the group had reported to the police.
Just days later, the pair were both arrested by the Malaysian Anti-Corruption Commission (MACC) over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000, according to a report by The Edge.
