In a Bursa Malaysia filing, Sersol said its CEO Lim has been away “overseas since February 2023 for purpose and reason only known to him”.

It said the board of directors has not received any updates from him so far.

The statement was made in response to news reports that MACC is seeking Lim, 47, to assist in an investigation.

Lim is Sersol’s second single largest shareholder with a 12.82% stake, according to Bloomberg data. Sanston Financial Group is the single largest shareholder with a 25.95% interest.

He was redesignated as Sersol’s CEO on June 15, from his previous role as the managing director.

Meanwhile, radio frequency identity (RFID) tags distributor SMTrack Bhd also said in a Bursa filing yesterday that Lim has been away for a business trip overseas since February.

The company said it is also trying to locate Lim, and denied that it has any knowledge or involvement in MACC’s probe related to Sersol.

Lim sits on the board of SMTrack as an executive director.

SMTrack said neither it nor its subsidiaries are directly or indirectly involved in any business with Sersol and that the investigation has no impact on the group’s operations.

Boardroom drama

According to a Bursa filing on June 27, Lim resigned from the board of Computer Forms (Malaysia) Bhd as an executive director following differences in opinion with the management.

Lim’s father, Lim Tiong Siang, was Sersol’s executive chairman cum managing director before being redesignated as a non-independent non-executive director on July 6.

Independent director Leong Lup Yan was redesignated as the executive chairman.

On the same day, Sersol was served with an ad interim injunction order which restrained Lim, his father, an executive director and five independent directors from exercising their powers.

The order was part of a legal action filed by Leong and executive director Tan Fie Jen against the company and a number of its directors, including Lim and his father.

The two are seeking a declaration that two undated resolutions to appoint four individuals as directors are null and void.

Additionally, Leong and Tan are seeking a declaration that any actions of the four or proceedings of Sersol’s board of directors from June 20 until the date of a court order are null and void.

The ad interim injunction order is valid until July 17, when an injunction application is fixed for hearing.

As of 12.29pm, Sersol’s shares are down 0.5 sen or 4.55% to 10 sen, giving the company a market capitalisation of RM76.8 million.