GIIB delays audit appointment, says still finalising scope of probe into suspicious deals

TheEdge Wed, Jun 01, 2022 11:11pm - 1 year View Original


KUALA LUMPUR (June 1): GIIB Holdings Bhd has delayed the appointment of an independent audit firm to look into suspicious transactions flagged by its previously terminated but now reinstated director, saying it is still finalising the scope of investigation.

In a filing Wednesday, GIIB said its audit and risk management committee is finalising the scope with shortlisted firms, and that it expects to finalise the appointment by early June.

The group earlier estimated it would make the appointment by May 31.

Separately, the group announced the immediate cessation of office by Tai Qi Yao, the alternate director to CEO Tai Boon Wee. Qi Yao, who is Boon Wee's son, held the executive role since April 1, 2016.

GIIB is in the midst of investigating the claims raised by its director Wong Weng Yew of dubious transactions in the company totalling RM11.49 million.

Wong previously served as the company's executive director but was suspended in April and then terminated in mid-May from his position as the company alleged him of misconduct. Wong, on the other hand, claimed the company took actions against him after he raised questions about several transactions that he found to be suspicious in nature.

Amid the dispute, Wong and GIIB both filed police reports, with the latter informing Bursa Securities on May 23 that its external independent auditor report found “sufficient basis” to hold Wong accountable for misconduct, saying he appeared to have failed to fulfil his responsibility in spearheading the company's glove project.

But in an about-turn last week, GIIB announced Wong had been reinstated to the board and was redesignated as a non-independent non-executive director.

According to GIIB’s filings, the Tai family is the largest shareholder of the rubber compound company with an effective stake of 12.96%, followed by Yee Wei Meng with 6.91% — down from 16.46% in March 2021.

On Thursday's market close, shares of GIIB were down half a sen or 5.26% at nine sen, giving it a market capitalisation of RM53 million.

Read also:

GIIB terminates Wong Weng Yew as executive director

In about-turn, GIIB 'redesignates' terminated executive director Wong Weng Yew as non-executive director

GIIB says there is sufficient basis to hold former ED accountable for misconduct

Suspended director claims GIIB took actions against him after he questioned suspicious transactions

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

GIIB 0.085

Comments

Login to comment.