Multi-Usage appoints special auditor to review complaints about directors

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This article first appeared in The Edge Financial Daily, on November 18, 2015.


KUALA LUMPUR: Precast product manufacturer and property developer Multi-Usage Holdings Bhd told Bursa Malaysia yesterday that it had appointed UHY FLVS Sdn Bhd to carry out a special audit of the complaints filed against certain directors of the company.

It said the complaints include the allegation of benefit to director(s) from a debt restructuring exercise, payments made by a subsidiary of Multi-Usage to a company related to a director, thus benefiting from the position of director during acquisition of properties from Multi-Usage, the falsification of company documents to obtain information from a third party, and payments made to a person and companies connected to a director.

UHY would also highlight anomalies identified through the perusal of supporting documents and from the review, carrying out any other additional procedures deemed necessary to meet the above-mentioned requirements, and highlight any breaches of relevant legislations that may come to the attention of UHY.

“The report on [the] said special audit is expected to be issued in the fourth week of January 2016,” it said, adding that further announcement(s) to the exchange on any material development will be made in due course.

The letter of appointment of UHY is made available at the company’s registered office for a period of three months from the date of this announcement for shareholders’ inspection.