KUALA LUMPUR: The board of Xin Hwa Holdings Bhd, which has been alerted on some financial irregularities, has appointed KPMG Management & Risk Consulting Sdn Bhd to conduct an independent review on the group.
The alleged irregularities relate to some transactions and payments, it said in a filing with Bursa Malaysia yesterday.
“Following from the engagement with Bursa Malaysia on the matter, the board therefore has appointed KPMG to conduct an independent review on these allegations to ascertain whether there is any irregularity,” it said.
The investigation will commence on Feb 18 and is expected to be completed within 10 weeks, Xin Hwa said.
For its second quarter ended Sept 30, 2018, the integrated logistics provider posted a 32.55% decline in net profit to RM2.03 million from RM3.01 million a year ago. This was despite a 5.94% increase in revenue to RM29.56 million from RM27.9 million previously.