M & A Equity not involved in Next Lion, puts Sean Yap on administrative leave
KUALA LUMPUR: M & A Equity Holdings Bhd has put the chief executive officer of its asset management unit on administrative leave with effect from Sept 8 until further notice, as a precautionary measure, to facilitate an independent review of his involvement in Next Lion Holdings Ltd.
On September 8, M & A Equity Holdings Bhd took the precautionary measure of placing its CEO, Sean Yap Shon Leong, on administrative leave to conduct an independent review of his involvement in Next Lion Holdings Ltd. This move was made to ensure that Yap's personal activities were not reflective of the group's stance. M & A Equity emphasized that Yap's actions were undertaken in his personal capacity, not on behalf of the group.
The CEO is the sole shareholder and director of Next Lion, and the administrative leave is not expected to impact the company's business or operations. Concurrently, the board informed the Securities Commission Malaysia about Yap's involvement and the ongoing review process. MyEG Ventures Sdn Bhd, with a 50% stake in MYEG Ventures, was to acquire Zetrix AI Bhd for RM130 million, with cash and share issuances covering the purchase consideration.
However, the transaction was aborted by Zetrix due to share price fluctuations just three days after the initial announcement. M & A Equity clarified that Yap's involvement in Next Lion and its group of companies is unrelated to MAAM, and the companies are not part of any transactions mentioned in the reports. The firm also stated that it provided no funding or support to Next Lion or related transactions.
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