KUALA LUMPUR (July 26): Versatile Creative Bhd said it won’t be able to meet the July 31 deadline to publish the group’s annual report and audited financial statements for the financial year ended March 31, 2018 (FY18).

In its filing with Bursa Malaysia today, the plastic packaging manufacturer said this is due to “unforeseen delays” in the finalisation of the documents, pending the conclusion of a forensic audit.

The group said it targets to issue and submit its annual report and audited financial statements to the exchange not later than five market days from July 31.

If Versatile Creative is not able to meet the five-market-day target, Bursa Malaysia will suspend the trading of the company’s shares after another five market days, which will be Aug 8.

If the group fails to issue the report in the next six months, Bursa Malaysia may undertake de-listing procedures against Versatile Creative.

To date, the group said it is still waiting for the conclusion of the forensic audit.

Earlier this month, Versatile Creative said its board of directors has discovered financial irregularities arising from unauthorised payments to third parties between August 2017 and June 2018.

The group’s managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow have been suspended pending investigation by forensic auditors.

Crowe Malaysia has been appointed by the board to carry out the forensic audit after Versatile Creative chairman Datuk Lee Kwee Hiang lodged a police report.

The group added that the investigation and forensics audit which commenced on July 3 is expected to be completed within three weeks from the commencement date.

Meanwhile, Lee had been appointed the acting MD, while Andy Yap Jee Whye will be the acting CFO.

On July 8, however, Versatile Creative announced that Yap has resigned from his position “due to personal reasons”.

Yap was previously a non-executive director in Versatile Creative, before he was re-designated to an executive role in December last year.

Versatile Creative’s share price fell one sen or 1.71% to close at 57.5 sen today, giving it a market capitalisation of RM76.15 million.