Xin Hwa appoints KPMG unit to conduct independent review

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KUALA LUMPUR (Feb 14): Xin Hwa Holdings Bhd (Xin Hwa) has appointed KPMG Management and Risk Consulting Sdn Bhd to conduct an independent review on alleged irregularities on some transactions and payments.

In a filing with Bursa Malaysia today, Xin Hwa said this was to ascertain whether there were any irregularities in the company.

It added that the full review was expected to be completed within 10 weeks from the date of the commencement of the work, slated to start on Feb 18.

“The board will provide an update should there be any material development to the above matter,” it said.