Chong Set Fui
About Chong Set Fui
Chong Set Fui (Angeline) was appointed Chief Financial Officer and Principal Financial Officer of BioNexus Gene Lab Corp. effective June 17, 2025; she concurrently serves as CFO of subsidiary MRNA Scientific Sdn. Bhd. . She has 25+ years of senior finance leadership, including CFO of Avillion Berhad (2013–Nov 2024), and is a member of ACCA and the Malaysian Institute of Accountants (MIA) . She signed the company’s SOX 302 and 906 certifications for Q3 2025 and is an authorized signatory/attorney-in-fact on the company’s S-3 shelf, indicating full responsibility for financial reporting and securities matters .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Avillion Berhad | Chief Financial Officer | 2013–Nov 2024 | Led corporate financial reporting, internal controls, and regional operations oversight . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Association of Chartered Certified Accountants (ACCA) | Member | — | Professional credential; global accounting standards proficiency . |
| Malaysian Institute of Accountants (MIA) | Member | — | National professional accreditation; Malaysian accounting standards and governance . |
Fixed Compensation
| Component | Amount / Terms | Currency | Notes |
|---|---|---|---|
| Base salary | RM 15,000 per month | RM | Fixed under service contract with MRNA Scientific Sdn. Bhd.; role covers CFO of BGLC (Principal Financial Officer) . |
| Bonus eligibility | Discretionary; based on individual and company performance | — | No target % disclosed . |
| Fuel allowance | Up to RM 350 per month | RM | For business travel within Wilayah Persekutuan and Selangor; outstation travel reimbursable with receipts . |
| Working time expectation | 100 hours per month (average) | — | Official hours 9:00–17:30 Mon–Fri; flexibility/WFH by agreement with Group CEO . |
| Medical | Outpatient up to RM 1,500 per annum | RM | Subject to company policy limits . |
| Insurance | Covered under company group policy | — | Subject to acceptance by insurer . |
Performance Compensation
- No performance-based equity awards, KPIs, weightings, or bonus formula for Ms. Chong are disclosed in company filings to date; bonus is discretionary per contract (no targets/metrics published) .
Equity Ownership & Alignment
| Item | Status/Amount | Notes |
|---|---|---|
| Beneficial ownership | Not disclosed | Ms. Chong’s appointment (June 17, 2025) post-dates the Jan 31, 2025 record date of the 2025 proxy; she is not listed in the ownership table . |
| Anti-hedging/pledging and clawback | In place at company-level | 2024 Equity Incentive Plan subjects awards to clawback and anti-hedging/pledging policies and applicable listing rules . |
| Award vesting norms (if granted) | Options/SARs: 20% per year with first vest on Mar 31 following grant; up to 5 tranches | Plan standard schedule; specifics would depend on individual grant agreements . |
| Change-in-control treatment (plan-level) | Unvested awards vest; may be continued/assumed or bought out | Plan provides for immediate vesting and Committee discretion for treatment; may cash-out at highest CIC price; grant agreements may modify . |
Employment Terms
| Term | Detail |
|---|---|
| Employer entity | MRNA Scientific Sdn. Bhd.; services primarily for BGLC as CFO (Principal Accounting/Financial Officer) . |
| Contract term | Fixed term: June 17, 2025 – June 16, 2027; renewable by one month’s notice from either side prior to expiry . |
| Termination | Either party may terminate with 3 months’ written notice or payment in lieu (equivalent to 3 months’ salary); immediate dismissal for cause (e.g., misconduct, gross negligence, breach of trust) . |
| Location/secondment | Kuala Lumpur office; company may transfer/second within the BioNexus Group domestically or abroad . |
| Conduct/confidentiality/conflict | Robust confidentiality, conflict-of-interest disclosures, restrictions on gifts, and company property protections . |
| Indemnification | Company has entered into an indemnification agreement with Ms. Chong governed by Wyoming law . |
Performance & Track Record
- Governance and reporting: As CFO, Ms. Chong executed SOX 302 and 906 certifications for Q3 2025 10-Q, attesting to disclosure controls and financial statement fairness; certifications reiterate responsibility for ICFR and disclosure controls design and evaluation .
- Appointment context: Her appointment as CFO was disclosed as part of strengthening internal controls and finance leadership; she replaced the acting CFO on June 17, 2025 .
Governance and Authorities Relevant to Trading/Capital Markets
- S-3 Shelf/ATM: Ms. Chong is an attorney-in-fact on the company’s S-3 and, along with the CEO, is listed among individuals permitted to authorize sales under the ATM agreement schedule, indicating operational authority over potential equity issuance activities .
Related Party and Conflicts
- The company disclosed there are no family relationships and no related party transactions involving Ms. Chong requiring Item 404(a) disclosure at appointment .
Investment Implications
- Alignment and selling pressure: Compensation is predominantly cash with modest allowances and discretionary bonus; no disclosed equity awards to Ms. Chong to date, which reduces immediate insider selling pressure from vesting but also limits long-term equity alignment until awards are granted under the 2024 plan .
- Retention risk: Fixed-term employment through June 16, 2027 with 3-month notice or pay-in-lieu provides moderate retention visibility but permits relatively low-friction termination by either party; absence of severance multiples or golden parachutes limits payout risk on departure .
- Change-of-control economics: If and when equity awards are granted, plan terms allow accelerated vesting and potential cash-out on a CIC, which could create event-driven payout leverage, though treatment remains at Committee/grant agreement discretion .
- Governance signal: Immediate assumption of SOX certifications and S-3/ATM authority underscores her centrality to reporting integrity and capital markets execution; successful maintenance of control environment and financing flexibility will be key to value creation under her tenure .