GIIB extends director’s suspension as external independent auditor finalising report for review

TheEdge Tue, May 10, 2022 05:31pm - 1 month View Original

KUALA LUMPUR (May 10): Technical rubber compound provider GIIB Holdings Bhd has further extended the employment suspension of its executive director Wong Weng Yew for a period of 14 days pending the finalisation of a review report.

The extended suspension took effect from Tuesday (May 10) as the external independent auditor is currently finalising the investigation report to the investigative committee for review, according to a GIIB (formerly known as Goodway Integrated Industries Bhd) bourse filing.

Wong had been suspended since March 28.

“Further announcements shall be made in the event of material developments on this matter,” GIIB added.

On Monday (May 9), GIIB had appointed Ng Keok Chai, a retired senior police officer, as its adviser to the investigative committee in respect of the ongoing investigation into Wong's previous handling of the company's accounts.

Last month, GIIB said it had engaged independent consulting firm PKF Covenant Sdn Bhd to assist the investigative committee in a probe into Wong's management and handling of the group's glove business and accounts.

On April 18, GIIB said it had set up an investigative committee to oversee the investigation into the allegations against Wong, and the newly set up committee needs more time to seek proposals from the independent audit firm to investigate the matter. It also said further announcements would be made on the matter upon the engagement of the independent audit firm.

The committee comprises GIIB independent non-executive directors Yong Wei Sang and Tee Jun Shern, as well as Tai Qiyao, the alternate director to Tai Boon Wee, the company's executive chairman cum chief executive officer.

Wong, 38, was appointed as an executive director on Feb 23 last year, and was responsible for managing the group's finance and accounting operations, according to the group's annual report.

Wong has also lodged a police report in respect of certain contentious matters involving the company.

GIIB’s share price was up 14.29% or one sen to close at eight sen, which translates into a market capitalisation of RM44.35 million.

Read also:
GIIB appoints retired senior cop as adviser to assist glove business probe
GIIB further extends director’s suspension, changes financial year end to facilitate glove business probe

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