Wintoni CFO and entire audit committee resign

KUALA LUMPUR: Wintoni Group Bhd’s chief financial officer Kong Chin Lam and the three independent directors who made up its entire audit committee have resigned, citing “personal reasons.”

In filings with Bursa Malaysia, the loss-making automation system designer said Kong’s resignation was effective March 31 while those of Datuk Muzaffirah Yurhaningseh Mazputri Ahmad Fairuz, Suaran Singh Himat Singh and Haflil Feiruz Muhammad Feisol were effective April 1,

Wintoni said all the letters of resignation were received on April 4 (Monday).

The audit committee chairman, Chaang Kok Fai, had stepped down on Dec 8, 2015, citing “other commitments.”

Chaang and the three directors who resigned effective April 1 had appointed to the board on the same day (Sept 10, 2015).

In February, the company was classified as a Guidance Note 3 company as its shareholders’ equity on a consolidated basis is 25% or less of its issued and paid-up capital based on the unaudited consolidated quarterly results for the period ended Sept 30, 2015.

Among others, Wintoni is required to submit to Bursa Securities a regularisation plan and obtain the latter’s approval to implement the plan within 12 months from the first GN3 announcement (by Feb 25, 2017).

Wintoni posted an unaudited net loss of RM49.8mil for the year ended Dec 31, 2015, compared with a net profit of RM4.6mil achieved in the preceding year.

In the last six months, Wintoni share price has fallen more than 80% to 3.5 sen at Wednesday’s close.