KUALA LUMPUR (Feb 21): Revenue Group Bhd said its decision not to proceed with the special review on its subsidiary Revenue Harvest Sdn Bhd is because the case is already being investigated by the Malaysia Anti-Corruption Commission (MACC).
The e-payment solutions group said this in a filing on Tuesday (Feb 21) in response to Bursa Malaysia's request for additional information on the decision.
Last month, Revenue Group appointed LSP & Co, a corporate insolvency and restructuring firm, to undertake the special review following the suspension of its co-founders-cum-directors, Brian Ng Shih Chiow and Dino Ng Shih Fang, over alleged suspicious transcations involving payment by Revenue Harvest purportedly for the purchase of thermal paper rolls.
Asked by Bursa to confirm whether the issues highlighted in the complaints on the suspicious transactions and the potential case of misappropriation of the group’s asset were solely within the purview of MACC, the group said: “The company has made a police report on the above matter and will leave it to the police and MACC to investigate the complaints.”
Revenue Group had on Jan 16 initiated legal action against Brian Ng and Dino Ng, seeking a declaration that the duo had violated listing rules, contravened the Capital Markets And Services Act 2007, and breached their duties as directors of the group.
Revenue Group claimed that the two brothers had violated Bursa Malaysia's listing requirements in relation to the group's quarterly reports from the three months ended Dec 12, 2020 right up till Sept 30, 2022, but did not specify what the violations were.
In its filing, Revenue Group also said that it intends to get its existing internal auditors or other auditors "to conduct an agreed-upon procedures to check all payments above certain amount to ensure that there are no further breaches".
Revenue Group's share price fell 2.5 sen or 5% to 47.5 sen on Tuesday, giving the group a market capitalisation of RM229 million.
The group has lost RM96.4 million in market value since the beginning of this year.
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