KUALA LUMPUR: Multi-Usage Holdings Bhd
(MUH) has extended indefinitely the suspension of director Tan Chew Hua after having prolonged his suspension period four times previously.
Tan, who was initially suspended by the board on Nov 28 last year to investigate into matters highlighted in a qualified auditors’ report and special audit report, was before this given an additional two-month suspension each time.
In a filing with Bursa Malaysia on Wednesday, the cement product and building material manufacturer said the latest suspension would last until it was set aside or prohibited by court.
According to MUH, its lawyer was unable to conclude the internal investigation on Tan, who “refused to cooperate and attend any interview with the solicitor.”
The internal probe, it explained, was to seek clarification from Tan on the matters highlighted in the special audit report dated Feb 25, 2016, and auditors’ qualified opinion in the audited financial statement for the financial year ended June 30, 2016.
The lawyer advised the board that it had the liberty to continue the suspension until the suspension was set aside or prohibited by a court order.
“Accordingly, the board has resolved to further extend the suspension of Mr Tan Chew Hua until such date where the suspension is set aside by a court order, or is prohibited by a court order,” said MUH.
This marked the fifth time Tan’s suspension period had been extended.
In January this year, his suspension was extended by another two months as the board “requires more time to form an independent investigative committee in order to carry out the investigation.”
Then, in March, MUH announced the extension of Tan’s suspension by a further two months as “the new board committees were only set up on Feb 28” and the board thus needed more time to form the said committee.
In May, the board again lengthened the period of Tan’s suspension by two months. MUH said the board sought more time “as the nomination committee and audit committee had approved and appointed the legal professional firm to carry out the investigation.”
“The legal professional firm had also started the investigation on the said director and required more time to complete the investigation report to be presented to the audit committee members,” the company added.
In July, MUH board decided to add two more months to Tan’s suspension because “the investigation report has yet to be completed by the solicitor and therefore, the board of directors requires more time to conclude the matter.”
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