Scan Associates’ investigative committee has unfinished business

KUALA LUMPUR: The investigative committee formed by Scan Associates Bhd in September last year is still probing the preparation of the subsidiaries’ audited financial statements for the 2015 financial year.

The ICT security solutions firm told Bursa Malaysia that once the investigation had been completed, it would make an immediate announcement on the outcome.

When the committee was first set up, Scan announced that it would investigate “the possible serious breach of duties of a director and the preparation of the company’s subsidiaries’ audited financial statements.”

Scan recently (on Feb 17) uplifted the suspension of director Yeoh Eng Kong, who had been suspended since the day of that first announcement.

The committee concluded that Yeoh had breached his duties as a director. However, Scan said it would take no further action against him, as “his suspension period is adequate and deemed to serve the purpose.”

In a separate filing with the exchange on Thursday, Scan said it was unable to issue its annual report and audited financial statement for the financial year ended Oct 31, 2016 (FY16), to Bursa Malaysia Securities by Feb 28 as required under the Ace Market Listing Requirements.

The company said the company’s auditors were still working to finalise the audited financial statement for FY16.

"Scan is in the midst of finalising the outstanding annual report 2016 and is expecting to complete by end of April 2017," it said.

If Scan fails to submit the annual report within six months, Bursa Securities may start de-listing procedures against it. (Trading in Scan's securities has been suspended since May 27 last year.)

Corporate News , Scan Associates Bhd