Caely Group has been ordered by presumably the Exchange to freeze the operations of all its bank accounts which will undoubtedly impact its business operations.
This could be a result of the forensic investigation the group undertook a week ago in relation to suspicion of several unauthorised transactions. Among the information requested by Bursa:
(a) analyse and obtain factual evidence, if any, of conflict of interests by stakeholders and employees of CMSB;
(b) analyse and obtain factual evidence, if any, that the current and/or former personnel of CMSB have wilfully performed acts of misconduct that have compromised CMSB’s business operations and interest;
(c) assess the veracity of advances made by CMSB to determine any irregular and inappropriate payments;
(d) conduct a forensic accounting analysis of CMSB accounting and financial records to identify, if any, siphoning off funds from CMSB;
(e) assess and obtain factual evidence, if any, that current and/or former personnel/ of CMBS and/or external parties may have benefited financially or in kind from any acts in relation to the above;
(f) assess the appropriateness of sale done by CMSB in regards to its sale of properties in Bandar Wallagonia based on the market conditions at the material time;
(g) Based on unusual and/or questionable transactions identified, assess, and verify supporting documents, if any, to check whether the payments/ expenses incurred are substantiated and, in the process, identify any other irregularities.
(h) Identify and quantify, where possible, the person(s), party, or parties responsible for all issues stated above.
Caely expects the latest situation to impact the financial and operational aspects and is unable to ascertain the full financial and operational impact at this juncture. The group adds that it is not aware of any wrongdoing and will seek further clarification from the authorities on the issue.
