PETALING JAYA: Multi-Usage Holdings Bhd today said it has decided to indefinitely suspend director Tan Chew Hua after he refused to cooperate in an internal investigation conducted by the company’s solicitor.
The purpose of the internal investigation was to seek clarification from Tan on matters highlighted in the Special Audit Report dated Feb 25, 2016 and auditors’ qualified opinion in the audited financial statement for the financial year ended June 30, 2016.
The company however told Bursa Malaysia its solicitor was unable to conclude the internal investigation on Tan as he refused to cooperate and attend any interview.
The board of directors was advised by the solicitor that it is at liberty to continue the suspension until the suspension is set aside by a court order, or is prohibited by a court order.
Multi-Usage is engaged in a total of 16 material litigation as at Aug 22, 2017.
The group said in its filing with Bursa Malaysia, it will continue to focus on and develop its major business segment which is property development in Machang Bubok, Bukit Mertajam and actively pursuing opportunities to increase its landbank.
For the manufacturing segment, the group will continue to pursue enhancement in productivity of high margin products as well as implementing cost efficiencies.
Source: The Sun Daily