Metronic Global extends special audit period till Aug 19

KUALA LUMPUR (Aug 1): Metronic Global Bhd announced that it has extended the special audit it launched in May to review certain projects and transactions undertaken by the group till Aug 19.

The special audit, which is being carried out by Ferrier Hodgson MH Sdn Bhd who was appointed on May 2, was initially supposed to be completed in two months.

"Findings of the special audit will be announced accordingly upon its completion," the company said in a filing with Bursa Malaysia yesterday.

At the same time, the special auditor's terms of reference also included, among others, to identify any potential irregularities carried out in the previous transactions, to ascertain whether the transactions are properly accounted, booked and disclosed, as well as to identify the possible weakness (on best-effort basis) of the current standard operating procedure and corporate governance which caused the transactions and to make suggestion for future improvement.

It is worth noting that on July 11, 2017, Metronic Global removed its chief financial officer Eric Boon Chuan Kit for "his deemed obstruction and compromising the independency" of the special audit.

Shares in Metronic Global closed 0.5 sen or 9.09% lower at 5 sen yesterday, for a market capitalisation of RM47.47 million. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.