GIIB: Sufficient basis to hold executive director accountable for misconduct

KUALA LUMPUR: GIIB Holdings Bhd said the findings in the investigation report by its external independent auditor has found that there is sufficient basis to hold its executive director (ED), Wong Weng Yew, accountable for misconduct per the charges made against him in the show cause letter dated March 28, 2022.

The company said this in reply to a query from Bursa Malaysia Securities Bhd pertaining to the termination of the ED.

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In a filing to Bursa Malaysia today, GIIB said, based on the report, Wong appeared to have not fulfilled his responsibility to spearhead the glove project, which was entrusted to him by the board of directors when he was first appointed as the ED of the company and its subsidiaries.

"Wong did not appear to be leading or managing the project but was trying to carry out tasks for the project. In spite of being aware of the financial consequences of the project delay on the group, he did not appear to have shown urgency in completing the project.

"Additionally, there were certain claims made by Wong from April 2021 to January 2022 that were not properly verified and approved,” it said.

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GIIB noted that further investigations may be warranted to determine the full extent of any losses suffered by the group as a result of these claims, which the auditor would be willing to assist, under a separate mandate.

The company has yet to ascertain the full financial and operational impact on the group arising from the findings in the investigation report as well as Wong’s termination as the ED.

"The board does not envisage any operational impact on the company.

"The company has deliberated to terminate Wong as the ED and is seeking legal advice in the pursuit of the next course of action,” it said. - Bernama