PETALING JAYA: D’nonce Technology Bhd chairman and chief executive officer have resigned from their positions, citing other commitments.
This comes just two days after the announcement of an independent forensic investigation into the company.
In a filing with Bursa Malaysia, D’nonce announced that independent and non-executive chairman Ang See Ming, 48, had resigned from the post and as a member of the remuneration and nomination committee.
D’nonce CEO Kuah Choon Ching, 34, also resigned from his post “due to other commitments”.
On Tuesday, D’nonce said it had appointed Deloitte Corporate Solutions Sdn Bhd to perform an independent forensic investigation on the company.
This follows findings from an investigative audit carried out by SH Yeoh & Co on a related-party transaction linked to the former CEO.
D’nonce said any material developments would be announced in due course.
On Dec 7, D’nonce said it had commissioned SH Yeoh & Co on Aug 29 to perform investigative audit on transactions that were brought to the attention of some of its directors.
Some of the findings of the special audit included that the former CEO had set up a company by the name of Lin Kath Sdn Bhd and allegedly caused D’nonce and its subsidiary to deliver services and goods worth at least RM516,721 to Lin Kath “without consideration”.
He also allegedly allowed a company controlled and owned by him, Ferummas Precision Engineering (M) Sdn Bhd, to utilise D’nonce’s computer systems without any payment, with the transactions valued at RM165,879.
Thirdly, the special audit found that the former CEO had caused D’nonce subsidiary to enter into a fictitious transaction with another company controlled by him, Stride Electronics (M) Sdn Bhd, to enable payment of RM500,000 to Stride.
“The company is of the view that the fictitious transactions are extremely serious and therefore has resolved to take legal action, lodge a report with the relevant authorities and widen the scope and area of investigation,” D’nonce said in a filing last month.