KUALA LUMPUR (April 12): GIIB Holdings Bhd (formerly known as Goodway Integrated Industries Bhd) said the recent suspension of one of its directors was to facilitate an investigation into his management and handling of its glove business and accounts.
“The board has resolved to engage an independent audit firm and any other experts (if required) to undertake the above-mentioned investigations,” it added in a bourse filing on Tuesday (April 12).
On Monday, GIIB announced the suspension of executive director Wong Weng Yew from his employment with the group since March 28, with the suspension extended until April 25, pending the evaluation of his reply to the show cause letter issued to him.
Wong, 38, was appointed as executive director on Feb 23, and is responsible for managing the group’s finance and accounting operations, according to the group’s annual report.
GIIB, which is involved in the manufacturing and distribution of rubber compounds and related products, recently moved downstream into glove manufacturing through its 51%-owned unit GIIB Healthcare Products Sdn Bhd.
In a separate filing on Tuesday, GIIB said GIIB Healthcare has gone to court in a bid to stop Glomaxes Latex Glove Manufacturer Sdn Bhd from presenting a winding up petition against the company.
GIIB Healthcare, via its solicitors, has filed an application for fortuna injunction in the High Court, said GIIB.
It said Glomaxes, the main contractor of GIIB Healthcare’s glove production lines, had earlier issued a statutory winding up notice to the company.
GIIB said Yee Voon Hon is a director of both Glomaxes and GIIB Healthcare. He also holds a 49% direct stake in GIIB Healthcare.
GIIB shares settled down 5.26% or half a sen at 9 sen on Tuesday, giving the group a market capitalisation of RM50.56 million.