KUALA LUMPUR (July 24): Versatile Creative Bhd said today the investigation and forensics audit into unauthorised payments by the group is still ongoing.

As such, the plastic packaging manufacturer said it has not received a report from Crowe Malaysia, the firm appointed to carry out the forensic audit.

Versatile Creative said this in a filing with Bursa Malaysia to update the exchange on the matter.

“The board will announce the findings of the forensics audit as soon as it is available,” the group said.

The investigation and forensics audit which commenced on July 3 is expected to be completed within three weeks.

The financial irregularities involved authorised payments to third parties between August 2017 and June 2018, Versatile Creative previously reported.

The group’s managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow have been suspended pending further results from the investigation.

To ensure smooth operation, Datuk Lee Kwee Hiang and Andy Yap Jee Wye were appointed as acting managing director and acting chief financial controller respectively.

Shares of Versatile Creative lost 0.5 sen or 0.83% to 60 sen today, giving the group a market capitalisation of RM77.44 million.