Asia Media files legal suit against founder over account discrepancies

TheEdge Thu, Feb 10, 2022 05:16pm - 2 years View Original


KUALA LUMPUR (Feb 10): Asia Media Group Bhd said Thursday (Feb 10) it has filed a legal suit against its former chief executive officer and founder Wong Shee Kai over account discrepancies.

In a bourse filing, the company said it discovered discrepancies in the accounts relating to the company's funds used to acquire property, plant and equipment based on findings made by BDO Governance Advisory Sdn Bhd.

“After seeking legal advice, the company filed the legal suit [against Wong],” it said.

Asia Media said there is no financial impact at present, but there will be a positive impact in the event the court decides in the company's favour.

On Jan 31, the board of directors of Asia Media announced that the company, through Messrs Krish Maniam & Co, had filed a statement of claim in the Kuala Lumpur High Court against Wong.

Asia Media is essentially seeking the following reliefs:

  1. special damages for a sum of RM170.54 million or any other sum that the Honourable Court deems fit and proper
  2. a declaration that Wong is liable to account to Asia Media for the sum of RM170.54 million for the purchase of items
  3. a declaration that Wong holds as constructive trustee for in relation to the said RM170.54 million or any losses arising from the breaches set out above
  4. equitable compensation if the court finds it fair and proper
  5. special damages for the sum of RM1.5 million for the refund of the ex gratia payment paid by Asia Media to Wong
  6. special damages for the sum of RM2.34 million for the outstanding amount owed by DPO Plantations Sdn Bhd waived by Asia Media
  7. other loss and damages to be assessed by the court
  8. interest on all sums found to be due to Asia Media at such rate and for such period of time as the court deems just and reasonable
  9. costs on an indemnity basis against the Wong, and
  10. such further or other relief as the court deems fit.

At 4.41pm Thursday, Asia Media was unchanged at 16 sen, valuing the group at RM49.8 million.

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