Shim Kon Teck resigns as Alliance Bank COO


Alliance Financial Group Bhd (AFG) Tuesday announced the resignation of Shim Kon Teck as group chief operating officer of Alliance Bank Malaysia Bhd, a subsidiary of the group, with effect from April 1, 2010.

The announcement was made through a filing to Bursa Malaysia.

Shim’s resignation follows the resignation of Alliance Bank group chief executive officer Datuk Bridget Lai last week, which is also effective April 1.

The board of AFG had queried both Lai and Shim under an internal investigation on operational matters concerning renovations undertaken within the financial institution’s property department.

In recent months, there had been speculation on the fate of Lai, the bank’s high flying chief executive, and Shim, following the internal probe of the bank on corporate governance matters.

Both have been on leave since December 15.

Last week, Alliance Bank and Lai agreed to part ways as an amicable settlement of their ongoing dispute.

Singapore’s state investor Temasek Holdings owns 29 per cent of Alliance Financial via Vertical Theme Sdn Bhd, and Malaysia’s largest pension fund, the Employees Provident Fund, owns 13.9 per cent.

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