KUALA LUMPUR (Aug 7): Trading of Versatile Creative Bhd shares will be suspended from 9am tomorrow (Wednesday Aug 8), following its failure to submit its annual report on time, for its financial year ended March 31, 2018 (FY18).

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, the company said in a stock exchange filing today..

Versatile Creative said it was unable to release the annual report on time, as the company has yet to finalize its ongoing forensic audit.

Last month, Versatile Creative's board suspended managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow, following the discovery of financial irregularities arising from certain unauthorised payments to third parties between August 2017 and June 2018.

The group then commenced investigations into the matter, together with a forensic audit, on July 3. It said the probe was expected to be completed within three weeks.

Andy Yap Jee Wye, who was appointed acting chief financial officer to replace Tan, then resigned on July 8, citing personal reasons.

Versatile Creative shares rose 5 sen or 13.5% to close at 42 sen today, giving it a market capitalisation of RM54.21 million. The stock has tumbled some 52% in the past 12 months.