Friday 23 Feb 2024
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KUALA LUMPUR (Jan 13): Revenue Group Bhd, whose two suspended executive directors allegedly seized documents from the company’s premises on Jan 4, said it has filed a police report on the matter.

Revenue said in a filing that the police report was filed on Jan 5 by the head of fraud management of its subsidiary Revenue Harvest Sdn Bhd.

The e-payment solutions provider is also considering two independent professional firms to conduct a “special review”, it said.

However, Revenue did not elaborate on whether the review is in relation to the alleged seizing of documents by the duo — co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang — or in relation to their suspensions.

In earlier filings, Revenue said the two siblings were suspended “pending further investigation over certain complaints against them”, without elaborating.

The Edge has reached out to a company spokesperson for comments.

In the filing, the group said it is in the midst of finalisation of the scope of work of the special review and fees for the independent professional firms, subsequent to the board’s approval.

“The board does not foresee that the suspension of the two directors’ executive functions will have any material impact on daily operations of the IT and operational and finance functions, as these functions are currently being managed by fit and proper, qualified and experienced personnel,” it said.

Revenue alleged that Dino, who was suspended together with Brian on Jan 4, illegally entered its premises on the same day with four others. The group carted away some 30 boxes of documents and items without board clearance, Revenue said.

Brian is also Revenue’s group chief operating officer, while Dino Ng is the group chief technology officer.

In between, Revenue’s other co-founder, namely managing director and group chief executive officer (CEO) Datuk Eddie Ng Chee Seong, was appointed as the managing director-cum-alternate chairman on Jan 5.

The group CEO role was taken over by Danny Leong Kah Chern, who had served the top position in Cuscapi Bhd and GHL Systems Bhd.

Shares in Revenue traded higher on Friday (Jan 13), rising 1.5 sen or 3.23% to 48 sen a share as at the time of writing. The counter has declined by 20 sen or 29.4% this year following the episode.

Edited ByAdam Aziz
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