Michael Lor resigns as EON Bank CEO

Datuk Mohzani Abdul Wahab and Dr Zaha Rina Zahari will share the responsibilities left behind by Lor.

EON Bank Bhd chief executive officer Datuk Michael Lor Chee Leng quit the bank on Thursday with immediate effect after three years with the financial group, and his resignation has been accepted.

His resignation came ahead of a court decision on the targeted RM5.06 billion ($1.66 billion) takeover of the bank's parent EON Capital Bhd.

EON Capital, in a filing to Bursa Malaysia on Thursday, said Lor had tendered his resignation as EON Bank's group chief executive officer with immediate effect through a letter dated Feb 24, and the resignation had been accepted by the bank.

"Pending the appointment of a successor, the duties and responsibilities of the group chief executive officer of the bank will be undertaken by two members of the bank's board of directors, namely Datuk Mohzani Abdul Wahab, Dr Zaha Rina Zahari, and in addition a senior member of the bank management, Peter Chow Ying Choon," EON Capital said.

EON Capital is the target of a planned takeover by Hong Leong Bank Bhd for RM5.06 million ($1.66 billion) cash.
Although the takeover of EON Capital by Hong Leong Bank had been approved at an EGM last September, the completion of the deal is pending lawsuits filed by Hong Kong-based Primus Pacific Partners Ltd, which owns a 20.2% stake, that is seeking to block the sale.

View the full story in The Sun Daily.