MACC Charged GIIB Directors Plead Not Guilty

GIIB Holdings Berhad Executive Chairman and CEO Tai Boon Wee along with Executive Director of GIIB’s subsidiary, GIIB Rubber Compound Sdn Bhd Wong Ping Kiong were charged under Section 18 of the MACC Act for allegedly furnishing fake documents to auditor Grant Thornton Malaysia PLT.

This was in regard to a sale deemed “non-existent” for RM2.95 million to Top Rate Engineering Works. Both directors however have pleaded their innocence.

The legal team representing the directors said they had studied the relevant documents, which includes an independent forensic audit conducted by Ferrier Hodgson MH Sdn. Bhd that was presented to the GIIB’s Board of Directors on 19 October 2022. The legal team ilater said it ss satisfied that the directors have a good case and will vigorously defend the charges.

Following the charges, Mr Tai Boon Wee said ” The accusations and allegations have been proven baseless and unfounded with External Audits and Forensic audits by respected independent firms. The information in these financial reports should assist in the investigation and provide clarity. We categorically deny such allegations and we will be exploring all legal avenues to defend both our names and the company’s.”

The judge has set the case’s next hearing to be on the 28th February 2023.

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