Friday 29 Mar 2024
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KUALA LUMPUR (June 2):  Scanwolf Corp Bhd today suspended the executive power of its executive director Datuk Tan Sin Keat and financial controller Ng Chee Wai, pending a full investigation into discrepancies found in documents pertaining to transactions conducted by its wholly-owned subsidiary, Scanwolf Plastic Industries Sdn Bhd (SPI).

In a filing with Bursa Malaysia, Scanwolf said Tan is also an executive director of SPI, while Ng is also a director of the same unit.

The Ipoh-based home and kitchen fittings manufacturer said the discrepancies were found in the supporting documents – such as invoices and delivery orders – that were provided by SPI to the bank for the purpose of drawdown of SPI’s banking facilities.

“The company will be making a police report to this effect,” Scanwolf (fundamental: 0.75; valuation: 0.3) said.

In a separate filing, Scanwolf said it has formed an investigative committee, comprising group managing director Datuk Ch’ng Kong San, executive director Soon Eng Kooi, independent non-executive director Ong Sin Guan, and a representative from PKF Covenant Sdn Bhd.

To recap, Ch’ng had on April 23 appointed PKF Covenant to conduct an investigative review of its operations due to “insufficient measures, severe discrepancies and possible irregularities” in the implementation of its development projects.

At the time, Scanwolf had said the findings, which were discovered during a review of the management, had caused the board of directors to become concerned about possible lapses in corporate governance in the affected projects and other activities of the group.

Scanwolf closed unchanged today at 67.5 sen per share, with a market capitalisation of RM58.56 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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