KUALA LUMPUR (July 6): Plastic packaging manufacturer Versatile Creative Bhd said today that its recent discovery of unauthorised payments by the company to third parties and the subsequent investigation it is conducting on the matter, are not expected to impact its operations.

Its statement filed on Bursa Malaysia was in response to a query from the regulator about its July 3 announcement on the unauthorised payments.

“The investigation and forensics audit which commenced on July 3, 2018 is expected to be completed within 3 weeks from the commencement date,” the statement added.

The previous announcement said its board of directors had discovered financial irregularities arising from unauthorised payments committed between Aug 2017 and June 2018.

Following the revelation, the board suspended its group managing director Wong Kong Choong @ Leong Kong Choong, and chief financial officer Tan Quok Eow.

Shares of Versatile Creative lost 5.5 sen or 8.53% on Friday to close at 59 sen, giving the group a market capitalisation of RM76.15 million.