December 1, 2014 / 2:13 PM / in 3 years

MOL Global says CFO resigned for personal reasons, shares tumble

(Reuters) - Malaysian online payments company MOL Global Inc said Chief Financial Officer Allan Wong resigned last month for personal reasons, not because of any accounting or financial reporting issues.

MOL Global’s shares, which were halted on Nov. 24 after the company said it would delay its quarterly earnings report, fell as much as 45 percent to $2.25 after resuming trade on the Nasdaq Monday.

The company announced the delay and Wong’s departure at the same time last month, without citing a reason.

The news wiped out more than half of the company’s market value, before trading in the stock was halted by the Nasdaq.

MOL Global, the first Malaysian company to be listed in the United States, made a lackluster debut in October, after pricing its offering at the low end of the expected price range.

The company, majority owned by Malaysian billionaire Vincent Tan, said on Monday it had delayed the third-quarter results because of accounting errors at its new subsidiary in Vietnam.

MOL Global said revenue rose 5.6 percent from a year earlier to $14.5 million in the three months ended Sept. 30.

MOL Global also said two class-action complaints had been filed against the company and some officers and directors for allegedly providing false statements in the IPO registration statement and the prospectus.

Deutsche Bank, which helped MOL Global to go public, temporarily suspended its research coverage on the company last week, citing the delay in reporting third quarter results and the departure of the CFO.

MOL, which has a market capitalization of $276 million, said it was “working expeditiously” to respond to the exchange’s request for additional information to resume trading.

The company, also known as Money Online, is one of the largest e-payment enablers for online goods and services in Southeast Asia by payment volume.

Tan, who has an estimated worth of $1.3 billion according to the Forbes magazine, owns about a 45 percent stake in the company. He has owned Welsh soccer club Cardiff City since 2010.

Reporting by Avik Das in Bengaluru; Editing by Ted Kerr and Saumyadeb Chakrabarty

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