KUALA LUMPUR (Oct 25): Classita Holdings Bhd revealed that the forensic investigation on its wholly-owned unit Caely (M) Sdn Bhd (Caely-M) found “irregularities in transactions with certain parties”.

Classita, formerly known as Caely Holdings Bhd, said the findings by independent forensic auditor Virdos Lima Consultancy (M) Sdn Bhd unveiled “a series of questionable transactions, potential concealment of financial interests, and conflicting relationships, which undermined the transparency and credibility of the company’s financial disclosure”.

The disclosure came after Bursa Malaysia’s query for Classita to provide further details upon completion of the investigation report by Virdos.

Classita on Monday announced that Virdos has issued an investigation report concerning allegations of suspicious and irregular transactions at Caely-M after more than one year of inquiry, without revealing the outcome of the report.

In the latest announcement, Classita said the lack of disclosure was because the matter is currently pending litigation before the court, hence it was not able to disclose the findings in detail.

Classita said there are no operational and financial impact arising from the investigation report, as the amount due from relevant parties highlighted in the report has been fully impaired.

In October last year, Classita and Caely-M initiated legal action against 12 individuals including former directors, the chief executive officer and chief financial officer.

The group said the legal suit is currently fixed for case management and hearing of the interlocutory applications on Dec 8, and the investigation report will be submitted to the High Court as evidence.

Shares of Classita closed 0.5 sen or 7.7% down at six sen, valuing it at RM73.97 million.

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