HUMAN Resources Development Fund (HRDF) CEO CM Vignaesvaran Jeyandran has resigned and an oversight committee will review the governance of the fund under the Human Resources Ministry.

Vignaesvaran will be replaced by deputy chief executive Lim Kah Cheng who will be acting CEO with immediate effect, HRDF said in a statement today.

The Human Resources Minister has also ordered that a government overseeing committee assist the fund’s board of directors to fulfil its responsibilities while reviewing the board’s governance framework.

“(This is) to ensure the Board functions in an effective and efficient manner, to support the operations of the HRDF,” the statement said.

Vignaesvaran’s resignation comes a day after he was reported telling The Edge business newspaper that he was adamant on not stepping down amid allegations of RM300 million misappropriated from the fund.

Despite his strong stance yesterday, Vignaesvaran earlier today would not repeat his refusal to step down, saying instead that HRDF would be issuing a statement.

Complaints about the misappropriation of RM300 million were first highlighted by Bagan assemblyman M. Satees and Seberang Prai Municipal Council member David Marshal who had lodged a police report on the matter.

SG Education Group chief executive officer Ganes had also submitted evidence backing the charges to the Malaysian Anti-Corruption Commission.

Subsequently, Human Resources Minister M. Kulasegaran announced the voluntary resignations of three HRDF board members.

The fund today said that members of the oversight committee would be announced next week following HDRF’s annual general meeting. – June 22, 2018.