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