KUALA LUMPUR (April 18): Technical rubber compound provider GIIB Holdings Bhd, formerly Goodway Integrated Industries Bhd, said the committee overseeing the investigation process into allegations against one of its executive directors, Wong Weng Yew, requires more time to seek proposals from the independent audit firm and any other experts, if required, to investigate the matter.

Last week, GIIB announced that it had suspended Wong from his roles in the company and its subsidiaries since March 28, and the suspension was extended to April 25 to facilitate the investigation into his management and handling of the glove business and the group's accounts.

In a bourse filing on Monday (April 18), GIIB said given that the investigative committee was only set up on Monday, an extension of time is required.

It also announced that the composition of the investigative committee will comprise its independent non-executive directors Yong Wei Sang and Tee Jun Shern as well as Tai Qiyao, the alternate director to executive chairman and chief executive officer Tai Boon Wee, who will assist the board of directors in overseeing the investigation process.

"Further announcements will be made upon the engagement of the independent audit firm," it added.

According to the company's annual report, Wong, 38, was appointed as executive director of the company on Feb 23, 2021 and is responsible for managing the group's finance and accounting operations.

GIIB shares closed unchanged at nine sen on Monday, giving it a market capitalisation of RM53.22 million.