GIIB Holdings Berhad issued a statement that the investigation report by Ferrier Hodgson MH Sdn. Bhd. concluded that there were no fraudulent transactions or any misconduct by GIIB in the suspected transactions alleged by former Executive Director, Wong Weng Yew.
The forensic investigation report was submitted to GIIB’s Audit and Risk Management Committee on 19 October 2022. The suspicious transactions alleged by Wong involved sales of machineries and assets, dispute settlement, costs in a subsidiary, and amounts owing by the director.
The allegations were made on 19 April 2022 after Wong’s suspension and investigation into his handling of accounts and glove business on 28 March 2022. The investigative committee had later found grounds for dismissal that led to his termination of employment on 19 May 2022 where he was subsequently redesignated to Non-Executive Director.
Wong filed an Originating Summons against GIIB and the named directors based on the suspicious transaction on 19 May 2022. However, on 18 August 2022, the suit was withdrawn and discontinued.
Having been cleared of any wrongdoing, the Group said it wishes to put this behind it and focus on improving its business operations to return to profitability and charter returns for its valued shareholders.
