THE Kuala Lumpur High Court has acquitted GIIB Holdings Bhd’s former executive chairman Tai Boon Wee and former executive director Alison Wong Ping Kiong of all charges related to the furnishing of fake documents to the company’s auditor Grant Thornton Malaysia PLT over sale of equipment valued at RM2.95 mil that allegedly did not exist.
The court accepted a motion to quash four charges under Section 18 of the Malaysian Anti-Corruption Commission (MACC) Act 2009 and ordered for the discharge and acquittal.
Recall that the charges were related to allegations made by the company’s former finance director Wong Weng Yew who was dismissed for misconduct.
“For proper corporate governance, GIIB engaged an independent forensic auditor to conduct an audit within the scope approved by Bursa Malaysia,” the technical rubber compound specialist pointed out in a statement.
“The forensic auditor’s report found no fraud and wrong-doing in its review of GIIB’s records. Following that, an independent external auditor cleared GIIB’s financial accounts, further disproving the allegations made earlier.”
GIIB has subsequently filed a civil suit against Weng Yew along with Yee Voon Hon and six others for conspiracy to injure the company with false allegations, misappropriation of funds and acts of malice.
Commenting on his release, Tai said the facts remain clear that both he and Ping Kiong were subject “to false allegations and a conspiracy to tarnish our reputations”.
“I am glad that the High Court has upheld justice. Moving forward, I wish the next generation leaders will continue to be guided by GIIB Group’s core value of integrity, trust and respect.”
Both Tai and Ping Kiong have relinquished their directorship in GIIB following the company’s next phase in succession planning. As founders of the rubber compound company, the duo was instrumental in bringing the company from its infancy in 1990 to its listing on Bursa Malaysia in 2003.
GIIB closed 1 sen or 12.5% higher at 9 sen with 1,25 million shares traded at the close of yesterday’s (Oct 24) trading, thus valuing the company at RM53 mil. – Oct 25, 2023