Other top executives of Tune Money have also stepped down in the last two weeks, including heads of the unit trust and business development units, say sources

TUNE Money Sdn Bhd chief executive officer Tengku Zafrul Aziz and chief financial officer Chuah Lai Hock have resigned.

When contacted by Business Times yesterday, Tengku Zafrul confirmed he had officially tendered his resignation over the weekend, saying he had done so for "personal reasons".

He said he will remain a director of the company and will maintain his 10 per cent stake in Tune Money. Tengku Zafrul decline to elaborate further.

Tengku Zafrul, who headed the company for about two years, was previously Citigroup Malaysia's head of investment banking and also group managing director of Avenue International Capital Bhd (now ECM Libra Avenue Bhd). He was also chief executive officer of Avenue Securities Sdn Bhd and chairman of Avenue Invest Bhd.

Meanwhile, Chuah, an accountant with more than 13 years' experience in the stockbroking industry (six of them at senior management level) was previously executive director of Avenue Securities in 2004.

Tune Money's major shareholder with a 44.83 per cent stake is Tune Ventures Sdn Bhd, a company in which AirAsia Bhd founder Datuk Seri Tony Fernandes has a 40 per cent stake.

Fernandes, who was abroad, declined to comment on the resignations when contacted yesterday.

Sources said other top executives of Tune Money have also stepped down in the last two weeks, including heads of the unit trust and business development units.

The resignations came before the no-frills service provider was able to launch its unit trust services.

Tune Money had earlier expected to launch its first unit trust product in June, after its wholly-owned subsidiary Tune Money Capital Sdn Bhd received the licence to start a fund management business from the Securities Commission.

Tune Money currently offers general insurance products and prepaid visa cards.

Business Times previously reported that Tune Money had invested some RM30 million in its no-frills web-based financial service portal Tune Money.Com, including RM10 million for the unit trust portion.

Sumber : Business Times

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