REVENUE Group Bhd said it has suspended two of its directors who are also the company’s co-founders after receiving complaints against the duo.

In a stock exchange filing yesterday, the company said it has suspended the executive functions of Ng Shih Chiow and Ng Shih Fang with immediate effect pending further investigation.

However, it did not specify what the complaints were about.

Shih Chiow and Shih Fang are brothers who were appointed to the board on Dec 1, 2017.

According to Revenue Group’s annual report, Shih Chiow is the company’s ED and group COO, while Shih Fang is its ED and group chief technology officer.

In a separate statement, Revenue Group MD and group CEO Datuk Eddie Ng Chee Siong said it is “business as usual” despite the “unfortunate event”.

“Notwithstanding this unfortunate event, the board would like to reassure all stakeholders that it is business as usual for Revenue Group as the next level of leadership team, who is highly capable, is handling day-to-day operations.

“Additionally, we are also looking into further strengthening our management and internal control. The board and the management remain committed on growing our business and executing our growth strategies, which are progressing well,” he added.

“All in all, delivering exceptional value to our stakeholders remains our utmost priority while safeguarding interests at the same time, especially for our minority shareholders.”

The group said it shall make further announcements if there are any material development in respect of this matter.

According to its Annual Report, Shih Chiow has more than 19 years of working experience in the local electronic payments industry. He has been jointly spearheading the business growth of the group since incorporation. He is responsible for the day-to-day operations of the group, including establishing group policies, setting and monitoring key performance indicators for various departments, as well as overseeing administrative and finance functions.

Meanwhile, Shih Fang has more than 19 years of combined working experience in the electronic payments industry in Canada and Malaysia. He is responsible for developing ICT strategies and directions for the group.

He manages the group’s research and development (R&D) and IT teams, monitors development and advancement of new technologies for potential new products and services, overseeing the selection of R&D projects, designing business solutions and integration of business applications, as well as deciding IT architecture and designs of the company’s products. — TMR