Sunday 04 Jun 2023
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KUALA LUMPUR (April 20): Troubled lingerie maker Caely Holdings Bhd, which saw the Malaysian Anti-Corruption Commission (MACC) issuing a freeze order on all operational bank accounts of the company and its subsidiaries, said it understands the concerns of stakeholders and is working as speedily as it can to resolve any issue arising from the freeze.

“The unfreezing or partial unfreezing of the bank accounts are our top priority. We are exploring all avenues to resolve this issue, as we need to ensure that business operations can sustain," its executive director and chief executive officer Lim Chee Pang said in a statement late Wednesday (April 20) evening.

"We take note of the order to freeze all the group’s bank accounts and wish to reassure all stakeholders that measures are being explored to ensure business continuity and sustainability.

“We are answerable to our shareholders for how the business is run. The Board of Directors is monitoring the situation closely too and is working with the management on unfreezing the bank accounts,” he added.
Lim also said Caely is in contact with MACC and will extend whatever cooperation or assistance needed for the matter to be resolved.

"The management is at this juncture still assessing the impact from the order to freeze the bank accounts. “We are working on the next steps, which also include measures to ensure that daily operations are not disrupted. The livelihoods of Caely employees, as well as our suppliers and vendors are at stake."
The group will make the necessary announcements to Bursa Malaysia as and when there are further developments.

Earlier, Caely had on April 7 also announced that Virdos Lima Consultancy (M) Sdn Bhd had been appointed as forensic auditor to carry out an independent forensic audit on allegations of suspicious and irregular transactions at Caely. It had cited that one of its independent non-executive directors had received an anonymous package containing documents, raising concerns on several suspicious transactions involving Caely as circumstances led to the forensic investigation.

It had said that it expects the investigation to be completed by May 31.

Caely's 2021 Annual Report showed that its substantial shareholders comprised Penang-based businessman Datuk Seri Goh Choon Kim with a 21.69% stake, Caely non-executive director Datin Fong Nyok Yoon and spouse Datuk Chuah Chin Lai, who was the former managing director of Caely, jointly owning 13.07%; while its executive chairman and Public Gold Group's founder Datuk Wira Louis Ng Chun Hau held a 25.26% stake in the company as at July 30, 2021.

Caely shares closed down 2 sen or 4.65% at 41 sen on Wednesday, bringing it a market capitalisation of RM105.88 million. A total of 2.88 million shares were traded.

See also:
Caely says MACC issues freeze order on bank accounts; unable to pay salary, suppliers

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