Metronic Global terminates CFO for compromising special audit

KUALA LUMPUR (July 12): Metronic Global Bhd has terminated its chief financial officer (CFO) Eric Boon Chuan Kit, as he was deemed to be obstructing and compromising the independency of a special audit.

In a filing with Bursa Malaysia yesterday, the company said the board of directors was made to understand that Boon had discreetly entered the office premises numerous times during his leave of absence during non-working hours and non-business days, while the special audit was ongoing.

“Such unauthorised entries without prior approval or post-notification to any of his superiors or members of the board of directors are unacceptable and reflected poorly on the company’s corporate governance in completing the special audit report,” it said.

The company added that Boon was found to have disclosed company data and unannounced financial information to a third party without prior approval from his superiors, adding that the relevant police reports had been filed for further action.

In May, Metronic appointed Ferrier Hodgson MH Sdn Bhd as a special auditor to conduct a two-month thorough review of its projects and transactions to identify any irregularity in the company’s transactions.

The company said the audit was to ascertain whether the directors involved had breached their fiduciary duties and to identify any possible weakness in the current standard operating procedures and corporate governance of the group.

This article first appeared in The Edge Financial Daily, on July 12, 2017.

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