KUALA LUMPUR (April 27): Technical rubber compound provider GIIB Holdings Bhd on Wednesday (April 27) announced a further 14-day suspension of Wong Weng Yew as one of its executive directors as an external independent auditor had just commenced an investigation into Wong's previous handling of the company's accounts.
The further suspension took effect from Tuesday, according to a bourse filing by GIIB, which had suspended Wong from employment since March 28. The suspension was previously extended until April 25, pending the evaluation of his reply to a show-cause letter issued to him. At the time, no reason was stated for the suspension or the show-cause letter.
On April 22, GIIB engaged independent consulting firm PKF Covenant Sdn Bhd to assist its investigative committee probe Wong's management and handling of the group's glove business and accounts.
Wong, 38, was appointed as an executive director on Feb 23 last year, and was responsible for managing the group’s finance and accounting operations, according to the group’s annual report.
On a related note, GIIB announced in a separate bourse filing that it would be changing its financial year end from Dec 31, 2021 to June 30, 2022 mainly to facilitate the recent investigation into the management, accounts and handling of the glove business of the company and its subsidiaries.
“The next set of audited financial statements (AFS) shall be covering a period of 18 months from Jan 1, 2021 to June 30, 2022.
“The company will apply for an extension of time to hold its next annual general meeting and to lodge the AFS with the Companies Commission of Malaysia accordingly,” it said.
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 another bourse filing on Wednesday, GIIB revealed that the High Court had granted an ad interim injunction order restraining Glomaxes Latex Glove Manufacturer Sdn Bhd, the main contractor of GIIB Healthcare’s glove production lines, from proceeding with a winding-up petition against GIIB Healthcare pending the disposal of an originating summons.
The High Court fixed June 27, 2022 as the hearing date following case management on Tuesday.
GIIB said Yee Voon Hon is a director of both Glomaxes and GIIB Healthcare, and he holds a 49% direct stake in the latter.
According to GIIB, on April 18, Glomaxes via its solicitors informed GIIB Healthcare’s solicitors that on a without prejudice basis, Glomaxes would not be present in the winding-up petition against GIIB Healthcare.
At 2.55pm on Wednesday, GIIB (formerly known as Goodway Integrated Industries Bhd) was traded unchanged at eight sen, which translated into a market capitalisation of RM47.3 million.
Read also:
GIIB suspends executive director, no reason stated
GIIB: Director’s suspension to facilitate probe on handling of glove business
GIIB's investigative committee seeks more time in probe against suspended director
Suspended director claims GIIB took actions against him after he questioned suspicious transactions
GIIB appoints PKF Covenant to assist probe into suspended director's management of firm's glove business, accounts
GIIB asks director to clarify claim he was suspended after flagging suspicious transactions