1. The findings from the investigation report by Virdos Lima Consultancy (M) Sdn Bhd Reply The investigation report by Virdos Lima Consultancy (M) Sdn Bhd reveals that there are irregularities concerning Caely-M’s transactions with certain parties comprising of 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. As the matter is currently pending litigation before the Court, the Company is unable to disclose the findings in detail. 2. The operational and financial impact arising from the investigation report. Reply There are no operational and financial impacts arising from the investigation report. 3. The impact of the findings from the investigation report on the financial statements. Reply The amount due from relevant parties highlighted in the investigation report has been fully impaired in the financial statements of the Group in prior financial years. Should there be any amount recovered will be an income to the Group. 4. Steps taken or proposed to be taken to address the findings from the investigation report, and timeline for the implementation. Reply In reliance of the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd, the former board of directors of the Company had on 26 August 2022 caused the Company and Caely-M to commence an action at the Ipoh High Court to recover the sum of RM30,552,000.00 (“Ipoh Suit”). It was the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd that the said sum was misappropriated from Caely-M. On 29 August 2022, the former board of directors were replaced by the new board of directors. Upon reviewing the matter, it was clear that non-related parties were named in the Ipoh Suit. As such, the new board of directors decided to withdraw the Ipoh Suit and directed a fresh legal action against the proper parties be commenced for the recovery of the misappropriated fund as per the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd to protect the Company’s interest. On 19 October 2022, the Company and Caely-M had initiated legal action against 12 individuals which include former directors, chief executive officers and/or chief financial officers of the Company and Caely-M. The Company has since then made it a priority for Virdos Lima Consultancy (M) Sdn Bhd to finalise and complete their investigation report as soon as possible due to the reasons above taking into account that the Ipoh Suit was first commenced based on their preliminary findings alone. The suit is currently fixed for case management and hearing of the interlocutory applications on 8 December 2023. Based on the Company’s lawyer’s advice, the investigation report will be submitted to the High Court as evidence to advance the Company’s and Caely-M’s case. This announcement is dated 25 October 2023
"Should there be any amount recovered will be an income to the Group." In reliance of the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd, the former board of directors of the Company had on 26 August 2022 caused the Company and Caely-M to commence an action at the Ipoh High Court to recover the sum of RM30,552,000.00 (“Ipoh Suit”).
Meaning if the company can win the case against those former board members / directors, they can declare income of ard RM30 mils plus ??
Price 5.5 cents Though hear lge in tokong say this stock will die.cursing die,die,die. 10/11/23 4.20pm
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Posted by Peter Leong > 2023-10-20 08:55 | Report Abuse
Buy in Buy in,Buy in before the pump