KUALA LUMPUR (Dec 13): GIIB Holdings Bhd (KL:GIIB) said its former chief executive officer, Tai Boon Wee, who faced a forgery charge involving the misrepresentation of the company's financial report, was discharged by the Sessions Court on Friday.
The court made the decision after the prosecution withdrew the charge, the rubber compound manufacturer said in a stock exchange filing.
"The company considers the matter is now closed and wishes to reassure all stakeholders that the company will continue to uphold its values of integrity, trust and respect," said GIIB.
Tai had claimed trial on May 15 to one count of forgery, involving the misrepresentation of the company’s 2023 interim third-quarter financial report as genuine.
He was accused of conspiring with company secretary Mak Chooi Peng to dishonestly use a forged interim financial statement for the period ending March 31, 2023, as authentic.
The offence was allegedly committed at Bursa Malaysia Securities' offices in May 2023. The charge, framed under Section 471 of the Penal Code and punishable under Sections 109 and 465 of the code, carried a penalty of up to two years’ imprisonment, a fine, or both.
Friday's decision by the court marks the second time Tai is discharged of forgery charges.
In January 2023, he and former executive director Wong Ping Kiong were charged with furnishing false documents to auditor Grant Thornton Malaysia PLT concerning the alleged sale of RM2.95 million worth of non-existent machinery.
Both Tai and Wong were discharged and acquitted of these charges in October 2023 after the High Court approved their motion to strike out the case.
In September 2023, Tai stepped down from his role in the company, passing the reins to his sons Tai Qisheng and Tai Qiyao.
Currently, the largest shareholder in GIIB is Singapore-based private equity fund HAGF Investment Pte Ltd, with a 16.56% stake, while Qisheng holds 10.53% of the company’s shares.
GIIB shares were last traded at seven sen, giving the company a market capitalisation of RM45.5 million.