Tax expert Khong Kam Hou re-designated chairman as YNH beefs up its audit committees

PERAK-headquartered YNH Property Bhd has re-designated Khong Kam Hou as chairman of YNH Audit Committee.

Khong, 74, was appointed to the YNH board of directors as a senior independent non-executive director (INED) on March 31 last year when he was also made a member of the audit committee, nominating committee and renumeration committee.

“As the audit committee chairman, Khong will lead the three-member team to assist the board to fulfil its oversight and fiduciary duties that include assessing the group’s processes relating to risks; overseeing financial reporting; and evaluating the group’s internal and external audit processes,” YNH pointed out in a media statement.

Khong who graduated with a Bachelor in Economics from Universiti Malaya in 1974 had served in important units within the Inland Revenue Department, namely tax assessment, corporate tax and tax investigation from 1975 to 1991.

He opted out as a senior tax officer in 1992 and started his practice as a licensed tax consultant from 1992 to 2019. Khong does not have any family relationship with any other director or major shareholder of the company and has no conflict of interest with the company.

Aside from Khong, YNH also announced the appointment of Lee Zhi Yan, 30, as a new INED and a member of its audit committee, nominating committee and renumeration committee.

Lee who graduated from Monash University Australia with a Bachelor of Commerce in 2016 comes with extensive working experience in both Australia and Malaysia. Notably, she has spent several years in multinational companies (MNC) PricewaterhouseCoopers Plt (Malaysia) and Dutch Lady Milk Industries Bhd.

Lee also holds certifications from the Malaysian Institute of Accountants (MIA), Malaysian Institute of Certified Public Accountants (MICPA) and Chartered Accountants Australia and New Zealand (CAANZ).

Simultaneously, the group also announced the re-designation of INED Ching Lee Fong, 45, as chairman of the nominating committee. He is also an existing member of the audit committee and renumeration committee.

Appointed to the YNH board on March 31, Ching has over 23 years of engineering experience in electrical and electronics aspect of the industry.

He has worked with multiple MNC companies like Intel Microelectronics, Motorola and Altera on front end design, verification and system validation. Currently, he is working on artificial intelligence (AI) and RISCV processor with a Hong Kong-based start-up company.

“The group is confident that the breadth and depth of experience and capabilities of the members of its audit, nominating and renumeration committees will play an important role in enabling the board and the group to inculcate high standards of corporate governance within the organisation,” noted YNH.

“The most immediate and critical task of the audit committee headed by Khong will be to appoint an independent external auditor.”

The group contended that over the past few months, its board has been carefully evaluating several candidates for the role.

“YNH is confident that the external auditor will be appointed very soon after the members of the audit committee have undertaken a thorough and objective assessment,” the group added.

At 3.50pm, YNH was up 3.5 sen or 6.6% to 56.5 sen with 11.96 million shares traded. To-date, the stock has seen its price dipped almost 10-fold from a 52-week high of RM5.20. – March 1, 2024

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