KUALA LUMPUR (Nov 9): Malaysia Pacific Corp Bhd (MPCorp) has appointed Datuk Muralee Y.S. Menon as its chairman.

In a filing with Bursa Malaysia today, MPCorp said Muralee, 53, also sits with the disciplinary committee of the Advocates & Solicitors Disciplinary Board and is an appointed president of the Strata Management Tribunal. His current portfolio includes substantial receiver and manager related work for various banks.

He was called to the Bar on Oct 7, 1988 and has worked for several law firms.

MPCorp also announced the resignation of Ng Kok Wah, 37, as the independent and non-executive director. The company cited personal commitments as the reason for his resignation.

In separate filings with Bursa, the company has appointed Leong Kah Mun, 46, and Yee Wei Meng, 37, as independent and non-executive directors of the company.

Leong currently holds directorship in Halex Holdings Bhd and he is the managing partner of a boutique management consultancy specialising in corporate restructuring, internal auditing and risk management.

He is the council member of the Malaysian Institute of Accountants for 2012/2015 and a member of the finance and marketing Committee of the Olympic Council of Malaysia.

Meanwhile, Yee currently holds directorship in Superlon Holdings Bhd.

According to Superlon's annual report 2015, Yee has served on the board of Fontern International group of companies involving various businesses such as steel and hardware trading, oil palm and rubber plantations, property and share investment, business investment acquisition among others and assumed the role as the group managing director since 2004.

Leong and Yee are appointed as members of audit committee too.

MPCorp was previously issued a disclaimer audit opinion for its financial statements for the financial year ended June 30, 2015 (FY15).

Note that this is the second time an external auditor has issued a disclaimer audit opinion on MPCorp's annual account; the first pertained to the group's FY14 account by auditor BDO.

MPCorp said its current auditor UHY had expressed a disclaimer with regards to its FY15 account.

UHY had pointed out several issues that cast "significant doubt" over MPCorp's ability to continue as a going concern.

One of it is the fact that MPCorp has reported a net loss of RM15.98 million during FY15 and, as of that date, the current liabilities have exceeded current assets by RM278.24 million.

On top of that, UHY also listed seven matters that are of significance, but it is not able to obtain sufficient evidence to express an opinion.

MPCorp shares were untraded today. It last closed at 17.5 sen on Tuesday, giving it a market capitalisation of RM50.34 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)