Alliance Financial Group, whose biggest shareholder is Temasek Holdings, said its banking unit is being helmed by head of corporate banking, Choo Joon Keong, during the absence of its top two executives.

 

Alliance Bank Malaysia Bhd.’s Chief Executive Officer Bridget Lai and Chief Operating Officer Shim Kon Teck are on annual leave, Agnes Ong, a spokeswoman for parent company Alliance Financial, said in an e-mailed response to a query. She didn’t say when they may return.

 

Alliance Financial on Jan. 5 denied rumors that Lai has resigned, following a Business Times report that several branch- level executives had been asked to go on forced leave pending an internal, informal probe. Lai issued a separate statement denying that she had resigned, the Star newspaper reported yesterday.

 

Shares of Alliance Financial fell 2.8% to 2.48 ringgit at 11:52 a.m. local time in Kuala Lumpur trading, and are set to close at their lowest level since Nov. 3.

 

The bank carries out investigations as part of its corporate governance due diligence process, Alliance said in its statement on Jan. 5 to the Kuala Lumpur stock exchange, without providing additional details.

 

Lai, a 54-year-old Malaysian, was named Alliance Bank’s group chief executive officer in September 2005.