In a filing with Bursa Malaysia today, Sersol confirmed Justin’s termination, effective Nov 6, was due to his absence from the office without proper notice and non-response to the company’s show cause letter since his suspension as CEO on Aug 30.

Earlier in September, the company claimed Justin had shown insubordination and failed to act as a responsible CEO for not responding to official requests made by the board since July 20.

During this time, Sersol had urged Justin to come back to the office to address the board pending his return from an overseas stay.

Justin, 47, was also urged to provide a written account regarding the Malaysian Anti-Corruption Commission’s (MACC) inquiry into his activities as CEO and his work conducted abroad.

“The board is seeking the basis to warrant Justin Lim to be abroad and away from office since February 2023, and expressed concerns about whether he has been effectively discharging his role as CEO of Sersol,” it said then.

On June 26, MACC launched an investigation into Justin, focusing on certain payments made by Sersol to a third party.

In the wake of their inquiry, MACC went on to grill not just its former and current executive directors but also the independent board members.

“Based on the statements conducted by MACC, the payments which were approved and instructed by Justin were in relation to five payments totalling RM2.5 million made to HGC Legacy Enterprise and recorded as deposits during April and May 2023,” Sersol said then.

On Aug 25, the board removed Lim Tiong Siang, Justin’s father, 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.

Sersol’s shares closed 0.5 sen or 3.45% higher at 15 sen, valuing the company at RM110 million.