Friday 29 Mar 2024
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KUALA LUMPUR (Dec 8): The share price of Classita Holdings Bhd (formerly known as Caely Holdings Bhd) spiked as much as 80% to a high of 54 sen on Thursday (Dec 8), after the Malaysian Anti-Corruption Commission (MACC) unfroze the troubled lingerie and apparel maker’s bank accounts.  

The stock pared gains to close the day at 42 sen, still up 12 sen or 40% over the previous day’s close of 30 sen, with 6.03 million shares traded. At 42 sen, Classita is valued at RM142.39 million. Year-to-date, the counter has gained 16.67%.

The MACC had issued a freeze order on the Perak-based company and its subsidiaries’ bank accounts on April 18, in connection with several suspicious transactions.

Earlier in April, Classita had appointed forensic auditor Virdos Lima Consultancy (M) Sdn Bhd to undertake an independent forensic audit on allegations of suspicious and irregular transactions at the company’s wholly-owned subsidiary Caely (M) Sdn Bhd (CMSB).   

However, just two months after, the forensic audit hit an impasse with Virdos Lima citing the complexity of the accounting entries, coupled with the lack of critical information to use as supporting documents. 

Fast forward to Oct 19, Classita — now led by a new board helmed by executive chairman Ng Keok Chai — filed a suit against its founder and former executive director Datin Fong Nyok Yoon, her husband and former managing director Datuk Chuah Chin Lai, former executive chairman Datuk Wira Ng Chun Hau, as well as of the company’s ex-directors, over the alleged misappropriation of RM30.55 million of CMSB’s funds.

The other defendants named in the suit were the company’s former board members Siow Hock Lee, Ooi Say Teik, Hem Kan @ Chan Hong Kee, Ng Boon Kang, Tan Loon Cheang, Lim Chee Pang, Lim Say Leong, Beh Hong Shien and Gok Ching Hee. 

Under the suit, Classita and CMSB are seeking RM30.55 million in special damages, as well as other damages deemed appropriate to be awarded by the court. 

A day after the suit was filed, Classita announced that Virdos Lima was to resume the forensic audit with renewed support from the company’s new board.

Edited ByIsabelle Francis
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