Hancock CEO files libel suit

Hancock CEO files libel suit

KUALA LUMPUR (DPA): John Hancock Life Insurance-Malaysia president and chief executive officer John Ng Kim Hoong has filed a suit against the company for alleged libel.

The Sun daily reported Saturday that the suit for 60 million Ringgit (US$15.7 million) was filed in the Kuala Lumpur Civil High Court on Friday.

Ng claimed he was "seriously libeled" when the company announced to the Kuala Lumpur Stock Exchange (KLSE) on November 20 that it was calling for an extraordinary general meeting on January 5 next year to remove him as president and CEO.

Ng further claimed the announcement, which was given extensive media coverage the next day, did not specify any details to support the company's decision to dismiss him.

By failing to give any specific details to support the decision for the removal, any reasonable person would believe that he had committed acts of impropriety or one of a scandalous nature to warrant his removal in such manner, he said in a statement.