Latest news with #RM2.5mil
The Star
5 days ago
- Business
- The Star
Employer searches for manager who allegedly siphoned RM2.5mil
Johor MCA deputy secretary Chan San San (second from left) discussing with Koh Chew Siee (second from right) and Hoe Hong Seng (right) and their lawyer Tan Jun Jie (left) during a press conference held at Pasir Gudang MCA office here in Johor Baru on Monday (June 16). JOHOR BARU: An employer is searching for his former manager, who has been missing after allegedly siphoning RM2.5mil from the company's account nearly two years ago. The company's business development manager Hoe Hong Seng said they discovered issues with their account when an auditor found discrepancies during an internal investigation. "So far, we have evidence that about RM2.5mil of the company's money is missing, but we have reason to believe the actual amount could reach RM10mil. "Our auditors found payment receipts from our customers between January 2018 and November 2023, but the money did not end up in our account," he added. Hoe said this at a press conference organised by Johor MCA deputy secretary Chan San San, held at the Pasir Gudang MCA division office on Monday (June 16). He added that after discovering the missing money in the company's account, they met with the 58-year-old manager, who had been working with them since 2004. He claimed the manager did not deny taking the money and promised to repay RM100,000. But, the company refused her offer because Hoe said the manager had taken more than RM2mil. Hoe also claimed soon after their meeting, the manager ran away and despite numerous attempts to find her, including calling her mobile phone, failed to locate her. Hoe added that the manager's husband told them they were divorced and the latter has no idea where she is. Meanwhile, the company's owner and director, Koh Chew Siee, said he hopes his former employee will reach out to them and find an amicable solution. "I hope she can call us soon so we can discuss this matter and find a proper solution," he added. When contacted, Seri Alam OCPD Asst Comm Mohd Sohaimi Ishak confirmed the report and said an investigation has been opened under Section 408 of the Penal Code. He added that efforts are underway to locate and arrest the suspect to assist with police investigations.
The Star
12-06-2025
- Business
- The Star
AOB suspends Chengco for two years over audit breaches
The Securities Commission of Malaysia building in Kuala Lumpur is a 2001 Asean Energy Award winner where it saves RM2.5mil per annum alone on electricity bills. PETALING JAYA: The Securities Commission's Audit Oversight Board (AOB) has suspended the registration of audit firm Chengco PLT (CCO) for two years due to serious audit quality issues. In a statement, the Securities Commission (SC) said it has also imposed sanctions against five of CCO's audit partners who were the engagement partners and engagement quality control reviewers (ECQR) of three public interest entities (PIEs). This entailed the suspension of Hong Thuan Boon and Yap Peng Boon for two years. Further, Tan Wae Leng, Kong Tung Sam and Ng Kee Siang were also prohibited from accepting as clients and auditing any PIEs or scheduled funds for one year. 'The sanctions followed the AOB's findings of multiple breaches in relation to CCO's failure to comply with the relevant requirements of the International Standards on Auditing as adopted by the Malaysian Institute of Accountants when auditing the three PIEs,' the SC said. The SC added the findings were in fundamental and key audit areas. These include failures to obtain sufficient audit evidence in areas such as bank borrowings, opening balances and prior year adjustments, use of going concern assumption, other payables and accruals, revenue, cost of sales, redeemable convertible preference shares and goodwill. Also, recurring audit deficiencies were found in the areas of property development costs and fixed deposits. 'In addition, the EQCR failed to sufficiently review key audit documentation, particularly those relating to significant judgements and risk areas. This had an adverse effect on overall audit quality,' the SC said. It was also noted that these findings were prevalent across the audit engagements inspected and some were recurring from the AOB's past inspection on CCO. The SC stated that despite being previously sanctioned by the AOB in 2019, CCO had failed to demonstrate an improvement in overall audit quality. Hong Thuan Boon and Yap Peng Boon were also previously sanctioned by the AOB in 2019. While CCO appealed to the SC against the AOB's enforcement action, the SC had dismissed the appeal and affirmed the AOB's decision. The suspension took effect from June 12, 2025. Meanwhile, the affected partners did not appeal the AOB's enforcement action. Their suspensions and prohibitions were effective concurrently from April 30, 2025.
The Star
01-06-2025
- General
- The Star
Funds needed for KGV school hall
IT is not often we hear of students who left school decades ago coming forward to help their alma mater, either financially or in kind. Former students of SMK King George V (KGV) in Seremban, Negri Sembilan, had planned to build a clubhouse like what the Old Paulians did for St Paul's Institution, but decided to build a multipurpose hall instead. Old Georgian Association (OGA), led by their former president and state police chief Datuk Osman Salleh, had dropped plans for a clubhouse in place of a multipurpose hall about 10 years ago. The Yang di-Pertuan Besar of Negri Sembilan Tuanku Muhriz Tuanku Munawir, who is also a former student, performed the groundbreaking ceremony in July 2016 and, at the same time, urged former students to contribute. OGA carried out several fundraising activities over the years and managed to raise more than RM1mil for the project. But the association is still short of funds, as the cost has since increased to an estimated RM2.5mil. Abdul Aziz showing an artist's impression of the new school hall. OGA committee member Abdul Aziz Hamzah said the project was delayed due to the Covid-19 pandemic and inability to raise the targeted amount. Abdul Aziz, who has been the school's Parent-Teacher Association chairman since 2018, said efforts were now underway to raise the funds as the project's piling work started in February. 'The school desperately needs a bigger hall, as the current one, which used to have only one badminton court and where legend Datuk Punch Gunalan used to train, can only accommodate some 300 students. 'The new hall will, among other things, have four badminton halls, a stage, toilets and changing rooms, and it will be able to accommodate up to 800 students,' he said, adding that the present hall could not be expanded as it was a heritage building. The school currently holds its assemblies and other events that require the attendance of all students in an open area. KGV, established in 1923, was initially known as the Government English School. In 1928, its name was changed. Today, it has some 870 students in forms one to five. Abdul Aziz said OGA, which has some 1,000 members, was bent on building the hall as a mark of gratitude. 'We Old Georgians would like to leave behind a legacy and to be forever connected to the school. 'But to make it happen, we need to raise more funds so that the hall can be completed on schedule by September next year,' he said, adding that the date was also significant as it would mark a century of the renaming of the school. He said once completed, the hall could also be used to hold examinations, teaching and learning activities as well as sporting events. Abdul Aziz said the new hall, which was being built near the school's famous Georgian Green field, could also be used during sports festivals or tournaments such as rugby, cricket and softball, which KGV was known for. 'OGA will hand over the hall, which we plan to call Georgians Hall, to the school once it is completed. 'We are hoping former students will come forward and support us financially and even make contributions in instalments if they wish to,' he said, adding that the PTA would also be roped in to help. Those wishing to contribute can call 018-979 7455 (Aziz), 019-660 7288 (OGA secretary Eric Lee) or deposit their donation to the association's RHB Bank account (2550 4700 0002 91).
The Star
31-05-2025
- Business
- The Star
Umno-PKR ties in unity govt intact despite Tengku Zafrul's exit, says Johari Ghani
BATU PAHAT: Umno's cooperation with Parti Keadilan Rakyat (PKR) within the unity government remains intact despite Tengku Datuk Seri Zafrul Abdul Aziz's resignation from the party, says Datuk Seri Johari Abdul Ghani. Johari, who is Umno vice-president, said both parties must remain united in their efforts to ensure the country's political stability. "For example, in government, I play a role in national development as a minister. Political developments are normal, but they should not affect the strength of our coalition within the Unity Government and the country," he said. He was speaking to reporters after officiating the Madani Adopted Village (KAM) programme handover ceremony for the Plantation and Commodities Ministry at Kampung Parit Bilal here on Saturday (May 31). On May 30, Tengku Zafrul, who is the Investment, Trade and Industry Minister, announced his resignation as a Umno Supreme Council member, Kota Raja division chief and party member. On Saturday's programme, Johari, who is also Plantation and Commodities Minister, said RM2.5mil has been allocated to Kampung Parit Bilal and Kampung Parit Ahmad under the ministry's Madani Adopted Village initiative. The funds would go toward implementing various development projects, including upgrading educational facilities, houses of worship and basic infrastructure, he said. He said the initiative also involves strategic cooperation with relevant ministries and agencies, the Batu Pahat district office, Johor state development office, village development and security committees and local community leaders. "Among the activities planned are entrepreneurship training, such as chocolate-making courses and outreach programmes under the Technical and Vocational Education and Training (TVET) MyCommodity initiative," Johari added. – Bernama
The Star
27-05-2025
- Business
- The Star
Comfort Gloves expects local firms to maintain resilience
PETALING JAYA: Comfort Gloves Bhd (CGB) expects local glove manufacturers to be well-positioned to maintain their resilience despite ongoing global trade uncertainties, bolstered by favourable US import tariffs that provide a competitive edge over other major Asian exporters. 'While the sector is currently managing short-term pressures including anticipated sequential sales declines due to intensified global competition and potential market share adjustments in the European Union, the industry's fundamentals remain strong,' the company said in a filing with Bursa Malaysia yesterday. For its first quarter ended March 31, 2025, it reported a net loss of RM10.62mil, compared with a net loss of RM10.63mil a year earlier. 'This was mainly attributed to significant reduction in foreign exchange gain by RM5mil, lower inventory provision and written down of RM2.5mil as well as a lower recognition of deferred tax credit amounting to RM2.8mil,' it said. Revenue during the quarter rose to RM106.61mil from RM67.21mil in the previous corresponding quarter.
