CEO resigns ahead of contract expiry

CEO resigns ahead of contract expiry
Business & Markets 2013
Written by Cynthia Blemin of theedgemalaysia.com
Wednesday, 31 July 2013 09:46

KUALA LUMPUR: Kumpulan Prasarana Rakyat Johor (KPRJ) CEO Johar Salim Yahaya has resigned from the Johor state investment arm with more than a year of his contract left.

The sudden departure of Johar has fuelled speculation of more changes at KPRJ, which has interest in several major property projects in Danga Bay and Iskandar Malaysia.

KPRJ has interest in Iskandar Investment Bhd and Iskandar Waterfront Holdings Bhd — two companies spearheading property development in Johor.

Johar had served KPRJ for the last 17 years and suddenly tendered his resignation on July 22.

Officials at KPRJ confirmed his resignation.

“The resignation came suddenly,” said an official.

The reasons are not known although speculation is rife that there could be a falling out with top officials in the state.

KPRJ is one of two investment vehicles controlled by the Johor government. The other is Johor Corp (JCorp).

KPRJ came to prominence during the tenure of forme menteri besar Datuk Abdul Ghani Othman.

It had several parcels of land ripe for development but poor partners to undertake the venture. Ghani managed to put the house in order for KPRJ with Johar playing a key role.

After 18 years at the helm as menteri besar, Ghani left his state seat to contest the Gelang Patah parliamentary seat in the May general election. He lost to DAP’s Lim Kit Siang.

Ghani is now chairman of SIME DARBY BHD [] while the new menteri besar of Johor is Datuk Seri Mohamed Khaled Nordin.

Johar sits on the board of Iskandar Waterfront Holdings (IWH), representing the interest of KPRJ.

IWH’s major shareholder is Tan Sri Lim Kang Hoo and it has the mandate as master developer of 1,620ha of land stretched along 25 kilometres fronting the Straits of Johor.

Johar also sits on the board of Iskandar Investment Berhad (IIB) which is the commercial arm of Khazanah Nasional spearheading the development of several parcels of land in Iskandar Malaysia.

Khazanah has a majority stake in IIB while KPRJ and the Employees Provident Fund (EPF) are the other shareholders.

Johar’s departure comes more than a month after a new appointment to the KPRJ top brass.

On June 3, Datuk Othman Yusof, the Tanjung Piai Umno division head was appointed executive vice chairman of KPRJ.

Johar joined KPRJ as chief operating officer in January 1996. Prior to that, Johar served as vice president, Commercial Banking, Malaysian French Bank since 1983.

He also holds directorship positions at IIB and TEBRAU TEGUH BHD []. Johar is also the chairman of PLS PLANTATION []s Bhd.



This article first appeared in The Edge Financial Daily, on July 31, 2013.