“ARB refutes baseless allegation of accounting irregularities, reaffirms corporate integrity”

MAIN Market listed information technology (IT) software and platform provider ARB Bhd is aware of a poison pen letter circulating to the Audit Oversight Board’s (AOB) registered auditor(s) that contains baseless allegations against the company and its management.

Written by an individual named Ahmad bin Faisal who claimed to be a staff of the company, the letter accuses the ARB group of false announcements and accounting irregularities.

“ARB categorically deny all allegations made in the letter and affirm that they operate with the highest standards of corporate governance and transparency,” the company pointed out in a statement.

“The company’s business operations are legitimate with all public announcements made in accordance with regulatory requirements and are supported by factual information.”

ARB further reiterated its commitment to maintaining integrity in all aspects of its business operations.

‘The company wishes to state in the strongest terms that the allegations are unsubstantiated, untrue and misleading,” it noted.

“The allegation appeared to be intentionally false and defamatory with the aim of tarnishing the reputation of the company. The purpose of this allegation is to create difficulties for the company to secure the auditors to perform the audit works.”

In this regard, ARB said it is in regular communication with all relevant regulatory bodies, including the Securities Commission Malaysia (SC), Bursa Malaysia and the Companies Commission of Malaysia (SSM) to ensure its compliance with all regulations and to provide transparency in its operations.

ARB which has lodged a police report pertaining to the poison pen letter further contended that the company will not hesitate to take action against anyone who continues to malign reputation and integrity of the company and its management.

“ARB is taking legal advice on the appropriate course of action in response to the poison pen letter and will take all necessary steps to protect the company’s reputation and the interests of the shareholders,” added the company.

At 12.19pm, ARB was down 0.5 sen or 1.11% to 4 sen with 545,100 shares traded, this valuing the company at RM50 mil. – April 2, 2024

Subscribe and get top news delivered to your Inbox everyday for FREE