Majuperak says CEO gone on garden leave based on mutual agreement

• Majuperak, which is mainly involved in property development, said Nizran Noordin has been on garden leave from Sept 2 to clear his leave balance before his contract ends on Oct 31, and to facilitate the transition to a new leadership team.

KUALA LUMPUR (Sept 6): Majuperak Holdings Bhd on Tuesday (Sept 6) clarified that the garden leaven accorded to its outgoing group chief executive officer cum executive director Nizran Noordin is based on a mutual agreement between the board and Nizran.

Majuperak, which is mainly involved in property development, said Nizran has been on garden leave from Sept 2 to clear his leave balance before his contract ends on Oct 31, and to facilitate the transition to a new leadership team.

“Nizran will be pursuing other interests after the expiry of his contract,” the company said in a filing with Bursa Malaysia.

Majuperak, which is 51%-owned by Perak State Development Corp, announced on Monday that Nizran was told to go on garden leave, about two months ahead of the expiry of his service contract on Oct 31.

Majuperak chief financial officer Syed Agil Syed Hashim, who was only appointed on Aug 29, has been appointed as the acting group CEO to assume the group's day-to-day management during Nizran’s absence.

Nizran was appointed as Majuperak's group CEO on Nov 1, 2019, and to the board as an executive director on June 10, 2020.

According to Majuperak’s 2021 annual report, Nizran was once a private secretary to the Perak chief minister. He was also previously an executive director of Epiweb Sdn Bhd, an assistant manager of corporate finance at AmInvestment Bank Bhd, and an internal audit executive with Park May Bhd.

As at 4.20pm on Tuesday, Majuperak shares were unchanged at 31 sen each, valuing the company at RM88.17 million.