Caely Holdings Berhad has said it is embarking on a new chapter moving forward with the official introduction of the group’s new board amidst an ongoing police investigation on misappropriation of funds.
The names of the seven new members of the BOD are Ng Keok Chai as Executive Chairman, Leong Seng Wui as Executive Director, Kenny Khow Chuan Wah as Executive Director, Dato’ Kang Chez Chiang as independent non-executive director, Krishnan Dorairaju as independent non-executive director, Chong Seng Ming as independent non-executive director and Dato’ Pahlawan Mior Faridalathrash Wahid as independent non-executive director.
Executive Director of Caely Holdings Berhad Leong Seng Wui said: “The ultimate aim of the new board is to work hard to revive the businesses and to reward all our employees and stakeholders for their long-standing support. We, the new management, will bring the Company back on the right track.”
The group os looking to move forward and has plans to expand its manufacturing segment with a proposition to do a joint venture with an Indonesian counterpart for a new production facility bringing in additional earnings in the near future.
Besides that, the Group is also looking to re-strategise its direction by identifying and engaging market experts in the property development segment in reviving the business.
At the same time, the new board has said it will fully support and cooperate with the police for the investigation and do its best to recover as much as possible for the benefit of the company and its shareholders.
Since February 2022, Caely has been embroiled in a legal case of misappropriation of funds which involves Caely’s founder and former Executive Director Datin Fong Nyok Yoon and her husband Datuk Alan Chuah Chin Lai as well as the Group’s former BOD.
The couple, alleged to have misappropriated RM30.55 million from Caely (M) Sdn Bhd (“CMSB”) through 10 questionable related-party transactions.
On 26 Aug, a change in the boardroom took place when the entire former board members, excluding Datin Fong, were removed. Leong, Kang, Ng and Krishnan were appointed as the new BOD. An additional three members, Khow, Chong and Mior, were appointed to the board on 27 Sept.
On 5 Oct, the new BOD had lodged a police report requesting for a police investigation of any on the alleged misappropriation of funds amounting to RM30.55 million involving CMSB during the tenure of the previous board members.
In the latest development regarding the civil suit against 12 of its former directors, Caely filed a claim on the possible Systematic Misappropriation of funds of not less than RM30.55 million in CMSB by Datin Fong and Datuk Chuah, non-disclosure of the systematic misappropriation by the other former directors as they had deliberately concealed and made no disclosure of the Systematic Misappropriation to the public, fraudulent concealment and conspiracy to injure among others.
“The new board is hopeful to recover the misappropriated funds which were supposed to be utilised for the business development and growth of the Company in the best interests of the stakeholders as soon as possible,” added Ng.
