In a statement, Gamuda announced that Rashdan had relinquished all directorships effective today and is serving his notice until June 30.

“The group extends its best wishes to Rashdan for his future endeavours, including for his role as EC chairman.

“Rashdan assured the board that there had been full compliance with all conflict-of-interest provisions as stated in the Energy Commission Act (Act 610) and that good governance was observed in all of his deliberations at the EC,” it said.

Gamuda said Rashdan was key in Amanat Lebuhraya Rakyat Bhd’s takeover of the concessionaires for the Damansara-Puchong Expressway, Shah Alam Expressway (Kesas) and SMART highways.

Rashdan has been Gamuda’s deputy managing director since May 1, 2018. He was appointed alternate director to the company’s CEO, Lin Yun Ling, on Sept 28 that same year.

Gamuda said Ha Tiing Tai will continue as deputy managing director, having helmed the post since June 2012.

Industry players and businesses had expressed concern over Rashdan’s appointment since Gamuda has a stake in the renewable energy business.

Last December, the company announced that it was spending RM2 billion to grow its renewable energy business. So far, it has acquired a 30% stake in ERS Energy Sdn Bhd, a company involved in solar energy.

Economist Barjoyai Bardai of Universiti Tun Abdul Razak also warned Putrajaya that investor confidence would be dampened by questionable appointments, saying it must be consistent when making appointments to key regulatory bodies.

Natural resources, environment and climate change minister Nik Nazmi Nik Ahmad defended Rashdan’s appointment, saying he wanted Rashdan to “shake things up”.

However, Prime Minister Anwar Ibrahim later said he would look into Rashdan’s appointment and that there must be no conflict of interest.

We are live on Telegram, subscribe here for breaking news and the latest announcements.