Ling Liong Sik Steps Down

KUALA LUMPUR, Sept 3 (Bernama) -- Transmile Group Bhd, whose directors are currently facing charges of accounting fraud, has been dealt with another blow -- the departure of former transport minister Tun Dr Ling Liong Sik as its chairman and director.The cargo transport company today announced to Bursa Malaysia the resignation of Dr Ling from the company with immediate effect. He holds about 75,000 ordinary shares in the company.Dr Ling is scheduled to give a press conference tomorrow.Transmile did not disclose the reason for the 64-year-old veteran politician's resignation from the company.Transmile was dragged into the limelight with news of accounting woes in May this year as auditors uncovered accounting disparities dating back to 2004.The company directors, including its founder and former chief executive officer Gan Boon Aun, were charged by the authorities for providing misleading information on the company's 2006 financial statements.Last month, Transmile appointed former RHB Capital Bhd's group chief operating officer Wong Yoke Ming as managing director after Gan resigned.Transmile, which owns landing rights in more than 10 major cities in the Asia-Pacific, reported higher net loss of RM28.02 million in the second quarter ended June 30, 2007 from a net loss of RM15.09 million previously.Its revenue declined marginally to RM149.93 million from RM152 million previously.