GIIB terminates suspended director

KUALA LUMPUR: GIIB Holdings Bhd has terminated its suspended executive director, Wong Weng Yew following the investigation report pertaining to the charges of misconduct from the external independent auditor.

The technical rubber compound provider, in a Bursa filing, said that based on the investigation report, the investigation committee found sufficient grounds to hold Wong liable.

“In the course of the investigation, the company was of the view a police report is warranted and a report was made accordingly. The company was informed by the police that they are investigating the matter.

“After having considered the seriousness of the misconduct and the recent findings, the company has resolved to terminate Wong’s employment as the executive director with immediate effect,” GIIB said.

Meanwhile, GIIB said the audit and risk management committee (ARMC) had today decided to undertake a forensic investigation into the financials of the group in relation to the suspicious transactions in the group as highlighted by Wong.

It said the ARMC would seek proposals from the independent audit firms to undertake the task.