TMC Life Sciences Bhd group chief executive officer Wan Nadiah Wan Mohd Abdullah Yaakob.
PETALING JAYA: TMC Life Sciences Bhd
(TMC) group chief executive officer Wan Nadiah Wan Mohd Abdullah Yaakob will be appealing her dismissal from the company.
Wan Nadiah, 40, was dismissed by the company with immediate effect yesterday.
In a filing with Bursa Malaysia, the group said in arriving at the decision of dismissal, it had deliberated on Wan Nadiah’s years of service, performance record and her mitigation letter, as well as the findings of an independent domestic panel of inquiry on five allegations of misconduct levelled against her as group chief executive of TMC and chief executive officer of Thomson Hospitals Sdn Bhd (THSB).
The five accusations of misconduct comprise one allegation relating to the termination of a hospital agreement by Great Eastern Life Assurance (M) Bhd in October 2023; two allegations relating to the termination of a service agreement by Allianz Life Insurance Malaysia Bhd after her suspension in March this year; and another two allegations of the entry into an information and communications technology (ICT) works agreement with T-Systems Malaysia Sdn Bhd in October 2020.
Wan Nadiah said she was served with a show-cause letter containing six allegations and was suspended on Jan 29.
Subsequently, TMC issued Wan Nadiah a second show-cause letter containing an additional nine allegations during her suspension, on March 29.
She denied all 15 allegations made against her.
In the interest of settling the matter amicably, Wan Nadiah said she wrote to TMC on May 28 to propose mediation, which the group agreed to.
“An independent mediator was appointed with costs shared between the company and myself. The mediation was conducted over a period of two days on June 6 and June 10.
“Unfortunately, the mediation failed despite my best efforts. At this moment, unless the company/TMC Care Sdn Bhd/THSB agree to waive the terms of non disclosure, I cannot reveal the reasons for the failure of the mediation and efforts made via the lawyers,” she said.
Subsequently, Wan Nadiah reported that a notice of domestic inquiry was issued to her on Aug 29, containing eight charges, which were then reduced to five.
On November 8, she received a notice from the TMC’s company secretary on the receipt of special notices from two shareholders to remove her as a director.
“The domestic inquiry concluded on Nov 28. On Dec 3, I was informed by the company that the domestic inquiry panel had found me guilty of the remaining five charges.
During the extraordinary general meeting on Dec 9, 41.3% of shareholders who were present in the meeting holding 0.02% of voting shares rejected the resolution while 58.7% of present shareholders holding 99.98% voted in support of the resolution to remove me as an executive director,” she said.Wan Nadiah reiterated her position of not having been accused of any crime, criminal breach of trust, financial mismanagement or integrity-related issues, while continuing to repudiate all allegations of misconduct made against her.
Disappointed with the turn of events, she added: “My performance as chief executive officer speaks for itself. Revenue for the financial ended 2017 (FY17) had more than doubled from RM151.7mil to RM311.4mil in FY23, while net profit increased from RM26Mil to RM39.3Mil.
“For the same period, earnings per share also increased from 1.50 sen to 2.25 sen. These were achieved despite the very challenging Covid lockdowns which disrupted our hospital operations from April 2020 to January 2022,” she said.
