KUALA LUMPUR (May 19): GIIB Holdings Bhd (formerly known as Goodway Integrated Industries Bhd) announced on Thursday the termination of Wong Weng Yew as the group’s executive director with immediate effect.

Wong, who was appointed as GIIB’s executive in March last year to oversee the finance and spearhead the group’s glove business, has been suspended from his role since March 28. Wong claims that the company’s management took action against him after he raised questions about several transactions that he found to be suspicious in nature.

On the other hand, GIIB explained that the suspension was done to facilitate the investigation into Wong’s management and handling of the glove business and the company’s accounts.

GIIB issued a show cause letter to Wong and suspended his employment on March 28, 2022 pending investigation.

After Wong’s reply to the show cause letter, GIIB established an investigation committee to investigate the charges against him. 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.

The investigation committee also appointed PKF Covenant Sdn Bhd as an independent auditor to assist them.

On May 9, the investigation committee appointed Ng Keok Chai, who served the Royal Malaysian Police for 36 years, to advise on the investigation. Prior to his retirement in 2019, Ng served in the Commercial Crime Investigation Department as the Principal Assistant Director in the Forensic Accounting Investigation Division.  

The investigation committee invited Wong to meet on May 18 for clarification but Wong refused to attend the meeting.

“After reviewing the relevant documents and noting Mr Wong’s refusal to attend the said meeting, the Investigation Committee found sufficient grounds for his immediate dismissal from the Group.

“In the course of investigation, the group was of the view [that] a police report is warranted and a report was made accordingly. The group was informed by the police that they are investigating the matter,” GIIB said in a statement on Thursday (May 19).

GIIB shares closed down half a sen or 5.88% at eight sen, giving it a market value of RM44.68 million. The stock has declined 38.46% year to date.