Lingerie maker wants cops to probe ex-board’s alleged swindling of RM30.55 mil

CAELY Holdings Bhd lodged a police report today to seek further assistance from the authority to investigate the alleged misappropriation of funds amounting to RM30.55 mil during the tenure of the lingerie manufacturer’s previous board.

The alleged swindling of funds involving wholly-owned subsidiary Caely (M) Sdn Bhd implicates Caely founder Datin Fong Nyok Yoon and her husband Datuk Chuah Chin Lai.

Prior to the appointment of its new board members on Aug 29, 2022, Fong was Caely’s non-executive director while Chuah was the company’s former managing director.

In a statement, Caely said it also expressed in the police report its suspicion that there was a “ruse” to cover up “irregular transactions” by the company’s previous board of directors.

Caely said this was apparent as the previous board of directors in April – then-chairman Datuk Wira Ng Chun Hau in particular – “failed to cooperate fully” in a forensic investigation into the matter at the time and “abruptly resigned”, which “appeared to be an attempt to thwart any necessary legal investigation”.

The company added that it was Ng who initiated the forensic investigation through the appointment of Virdos Lima Consultancy (M) Sdn Bhd.

From left: Datin Fong Nyok Yoon, Datuk Chuah Chin Lai and Datuk Wira Ng Chun Hau

“The appointment of Virdos Lima by the former board shows that the members at the time were aware of said irregularities,” Caely noted further.

“As such, Caely requests the police to investigate the elements of crime and misconduct that have caused losses to Caely and the concealment of such wrongdoings by the members of the previous board.”

“No stone left unturned”

Apart from the Royal Malaysian Police Force (PDRM), the Malaysian Anti-Corruption Commission (MACC) and Bursa Malaysia are also investigating the alleged misappropriation of funds from Caely, which made news in April.

The company’s new directors, led by executive chairman Ng Keok Chai, have since said that they will leave no stone unturned and provide full assistance in the ongoing investigations.

They have also initiated their own internal inspections and plan to engage independent forensic specialists as well.

The former board was booted out following an extraordinary general meeting (EGM) on June 15 but the new board was “forcefully held back” from taking over until the High Court’s ruling on Aug 29 declaring the validity of the EGM and the resolutions passed during that EGM.

Nine directors were removed and four new directors appointed during the EGM. Fong resigned from the company in September.

Last 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.

Joining Ng (also 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.

Caely last month also issued an apology to the son-in-law of Prime Minister Datuk Seri Ismail Sabri Yaakob, Datuk Jovian Mandagie, after its former board wrongly named him as the company’s executive vice-chairman in June. – Oct 6, 2022

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