Lingerie maker apologises for wrongly naming PM’s son-in-law to board

LINGERIE manufacturer Caely Holdings Bhd has issued an apology to the son-in-law of Prime Minister Datuk Seri Ismail Sabri Yaakob, Datuk Jovian Mandagie, for wrongly naming him as the company’s executive vice-chairman in June. 

Following a recent internal inspection of company documentation, the new board of Caely said there were no relevant appointment or withdrawal documents signed by Jovian or Sandraruben Neelamagham in regards to their recent purported appointments to their board.  

After the former Caely board announced the new appointments on June 14, 2022, Jovian strongly denied it, saying there were no agreements indicating his acceptance of the position. 

He added that the news tarnished his corporate, business and personal reputation and would be seeking legal advice to pursue all means necessary to report such wrongdoing to Bursa Malaysia and the Securities Commission Malaysia. 

Jovian Mandagie

In a statement yesterday (Sept 28), Caely noted that its former board members retracted the announcements on June 17 as the appointments were not put into effect due to “miscommunications”. 

Recognising that such a “perfunctory explanation” would not satisfy Jovian, Sandraruben or its other shareholders, Caely’s newly-appointed board of directors apologised to the duo for “any inconveniences as a result of the possible misconducts and wrongdoings by the former board”.  

“We are truly regretful and sorry that such an incident had happened… We, as the new board and management of Caely, are committed to providing our utmost support, assistance and proof of wrongdoings to Jovian, Sanrdraruben and others if required.” 

“We also hope that the company will not be implicated by the former board’s actions as it is not the company’s intention for such unfortunate incidents,” it added. 

“Not responsible for previous board’s misconduct” 

Caely further said it reserves its rights towards any possible misconduct by the former board during the period between June 15 and Aug 29 pending the handover to the new board.  

It noted that the current board should have been in effect following an extraordinary general meeting (EGM) on June 15, but was “forcefully held back” by the former board until the High Court’s ruling on Aug 29 declaring the validity of the EGM and the resolutions passed during that EGM that restrained the former board members from acting as directors. 

Ng Keok Chai

“We are currently inspecting all records of announcements, communications, decisions and/or material activities made during this period and if such communication or activities are found inappropriate or misleading, the new board will immediately rectify and update the shareholders and relevant authorities accordingly,” added Caely executive chairman Ng Keok Chai.

The company also pointed to a recent news article quoting Ng as saying that the company’s new directors will leave no stones unturned and provide full assistance in the ongoing investigation of the misappropriation of RM30.55 mil funds from one of its subsidiaries, Caely (M) Sdn Bhd. 

In that news report, Ng further said that the company has initiated internal inspections and will engage independent forensic specialists to conduct investigations in order to support and facilitate the investigations conducted by the authorities to protect the best interests of the stakeholders from possible misconduct or wrongdoings of the former board. 

Among those probing Caely over the funds misappropriation are the Royal Malaysian Police Force (PDRM), the Malaysian Anti-Corruption Commission (MACC) and Bursa Malaysia. 

Nine directors were removed and four new directors appointed during the June 15 EGM. 

On Tuesday (Sept 27), the Perak-based company welcomed two more ex-police officers who boast more than 40 years of experience and legal knowledge to its board as independent non-executive directors (INEDs). 

Joining Ng (a former ex-police officer) and retired deputy commissioner Datuk Kang Chez Chiang are ex-cop Chong Seng Ming and former Perak police chief Datuk Mior Faridalathrash Wahid. – Sept 29, 2022  

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