GIIB Holdings has informed that the High Court has freed former directors, Mr. Tai Boon Wee and Madam Alison Wong Ping Kiong of all charges today. The court has accepted a motion to quash four charges under Section 18 of the MACC 2009 Act
and ordered for the discharge and acquittal.
The charges were related to allegations made by a former Director of Finance who was dismissed for misconduct. For proper corporate governance, GIIB engaged an independent forensic auditor to conduct an audit within the scope approved by Bursa Malaysia. The forensic auditor’s report found no fraud and wrong-doing in their review of GIIB’s records. Following that, an independent external auditor cleared GIIB’s financial accounts, further disproving the allegations made earlier.
GIIB has filed a civil suit against the former finance director, Wong Weng Yew, along with Yee Voon Hon, and 6 others for conspiracy to injure the company with false allegations, misappropriation of funds, and acts of malice. Tai Boon Wee, former Executive Chairman of GIIB Holdings Bhd stated, “The facts remain clear that we were subjected to false allegations and a conspiracy to tarnish our reputations and I am glad that the High Court has upheld justice. Moving forward, I wish the next
generation leaders will continue to be guided with the value of Integrity, Trust and Respect.”
Both Tai and Wong have relinquished their directorship in GIIB following GIIB’s next phase in succession planning. Tai and Wong are founders of the rubber compound company and has brought the company from its infancy in 1990 to its listing on Bursa Malaysia in 2003.
