KUALA LUMPUR (Jan 27): Revenue Group Bhd has confirmed that two of its directors have been arrested by the Malaysian Anti-Corruption Commission (MACC) over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000.

“In response to the queries received by the company from its stakeholders, the company wishes to clarify that its business and operation are not affected by MACC's arrest over the two directors as they have been suspended from their executive function earlier on,” the e-payment solutions provider told Bursa Malaysia on Friday (Jan 27).

The group was responding to a report about the case in The Star newspaper on Thursday, which said three company directors - including two brothers in their 40s and 50s who are directors of a public listed company - had been arrested by the MACC.

The brothers are said to be suspected of conspiring with a woman in her 30s, who is a director of another firm. The duo allegedly conspired to make 16 payments to the woman, who had been making false claims since 2020, the news report quoted sources as saying.

Two directors of Revenue Group - Brian Ng Shih Chiow and his younger brother Dino Ng Shih Fang - were suspended earlier this month following complaints received against them.

Brian is the group’s largest shareholder with an 11.93% stake, followed by Dino with an 11.44% stake.

Meanwhile, Dino and a group of four unknown individuals are reported to have allegedly seized 30 boxes of documents belonging to the group without board clearance.

The group then filed a police report for illegal forcible entry and alleged theft. The group said it was considering engaging with two independent professional firms to conduct a special review on the matter.

Revenue Group’s share price was trading up one sen or 1.64% at 62 sen on Friday afternoon, valuing the group at RM298.96 million. The stock has fallen 59% over the past year. 

https://www.theedgemarkets.com/node/653170