Sarawak Consolidated Industries Berhad which has been plagued with various issues including the public reprimand by Bursa Malaysia Securities and the last-minute departure of a former auditor, saying it is committed to enhanced its corporate oversight and professionalism.
The company said it acknowledges the public reprimand by Bursa Malaysia Securities, which was specifically directed at two former board members for breaches related to the Main Market Listing Requirements. SCIB clarified that these individuals are no longer part of the Company, having departed prior to the reprimand.
The late submission of its Annual Report 2021, it said was primarily due to complexities in auditing overseas construction contracts, highlighted areas for improvement in our financial reporting processes. Which was further complicated by the untimely resignation of our external auditors. SCIB has since taken significant measures to ensure such delays and challenges do not recur.
Mr. Ku Chong Hong, Group Managing Director of SCIB, stated: “We at SCIB take our responsibility for corporate compliance and governance very seriously. The recent challenges have been a learning opportunity, leading to stronger internal controls and audit processes. Our new board members have been instrumental in this turnaround, ensuring that SCIB not only adheres to but exceeds the standards expected by our regulators and stakeholders.”
