In a filing with Bursa Malaysia, the company said Lim had shown insubordination and had failed to act as a responsible CEO for not responding to official requests made by the board since July 20.

Lim had earlier been asked to return from abroad and to report to the board, the company said.

Pending his return to office, Lim was to provide a written response on a Malaysian Anti-Corruption Commission (MACC) inquiry into him and the work he has been conducting as CEO abroad.

In addition, Sersol said, it was seeking the basis on which to warrant Lim as CEO given that he had been away from the office since February.

It also expressed concerns about whether or not Lim had been effectively discharging his role as CEO of Sersol.

On Aug 25, Sersol removed Lim Tiong Siang as executive chairman as well as Shazreen Hatta and Sia Meng Chan as independent non-executive directors.

On the same day, the company announced the appointment of Suffian Awang as executive director as well as Tan Tong Lang and Alan Ling as non-independent non-executive directors.

The appointments were given the nod by shareholders at an extraordinary general meeting on the same day.

On July 14, MACC initiated investigations on Lim over concerns pertaining to certain payments Sersol had made to a third party based on his instruction and approval.

Sersol’s share price closed at 15 sen today, giving it a market capitalisation of RM109.72 million. A total of 879, 200 changed hands today.