This article first appeared in The Edge Financial Daily on August 14, 2018

KUALA LUMPUR: Versatile Creative Bhd’s (VCB) board of directors has served show-cause letters on the group’s managing director (MD) Datuk Wong Kong Choong @ Leong Kong Choong and group chief financial officer (CFO) Tan Quok Eow relating to irregularities in payments amounting to RM2.3 million, which were approved by the duo.

In a filing with Bursa Malaysia yesterday, VCB said Wong and Tan have been given seven days to provide a written reply pertaining to the allegations mentioned in the show-cause letters and will be suspended for 14 days or until further notice from the board.

Last Friday, VCB announced that the forensic audit report from Crowe Malaysia found that the MD and CFO could not account for the RM2.3 million and failed to provide evidence as to whom the money was paid to.

Trading of VCB shares has been suspended since last Wednesday after the group failed to submit its annual report for the financial year ended March 31, 2018 (FY18) on time.

The suspension will only be uplifted upon issuance of the annual report, together with the FY18 audited financial statements, unless otherwise determined by Bursa Securities.

VCB said then that it was unable to release the annual report on time as the company had yet to finalise its forensic audit, which was ongoing at that time.