Kumpulan Jetson forensic review finds irregularities in payments, ESOS implementation

KUALA LUMPUR (July 31): Kumpulan Jetson Bhd (KL:JETSON) on Friday announced that an independent forensic review it had commissioned into disputed payments and an employee share option scheme (ESOS) executed in and around June 2025 has found anomalies.

The forensic review by BDO Governance Advisory Sdn Bhd, which was not announced prior to this, found that disputed payments were made without proper documentation, commercial justification or approvals, while the ESOS was not carried out in accordance with its by-laws and lacked oversight from the ESOS committee.

No further details were provided on the disputed payments.

In a statement, Kumpulan Jetson said the matters reviewed related to transactions and processes undertaken before the current board composition was established in September 2025.

The board of the company is currently assessing the potential operational and financial implications these findings may have, though so far there is no immediate impact on the company’s financial statements.

The company is seeking legal advice and may report the matter to authorities or take civil action against the parties involved to protect its interests.

“The completion of the independent forensic review marks an important step in addressing matters that predate the current board,” Jetson’s board of directors said in the statement.

“Our focus is now on taking the appropriate actions, strengthening governance and internal controls, and moving the group forward through disciplined restructuring and sustainable value creation. The board is committed to rebuilding confidence and establishing a stronger foundation for Jetson’s future,” it said.

The announcement comes days after Kumpulan Jetson announced the appointment of Datuk Seri Baljinder Singh Surinder Singh, 49, as executive deputy chairman on July 29, 2026. It also announced the appointment of former commissioner of police Datuk Ramli Din, 64, as non-executive chairman of the company on the same day. He also is a director in NexG Bhd (KL:NEXG). Baljinder holds a 14.75% interest in the company.

Jetson’s board saw a major shift on Sept 2, 2025, when five non-executive directors were appointed to the board. The new board members are Wong Hong Yuk, Teoh Cheng Fang, Ilham Abadi Idris, Looi Mun Fei and Ranjit Singh Kartar Singh. The appointment led to the retirement of Kumpulan Jetson co-founder Datuk Teh Kian An on Sept 11, 2025, just a month after his appointment as executive chairman.

Teh still holds a 4.48% direct and 5.602% indirect interest in the company.

The company has until Dec 31, 2026, to hold its 49th annual general meeting after changing its financial year end to June 30, 2026.

For the 12 months ended March 31, 2026, it posted a net loss of RM14.2 million on revenue of RM182.1 million, mainly due to administrative and selling expenses.

Manufacturing remains its main revenue contributor, led by the anti-vibration business, which is expanding into new automotive parts and export markets. The chemical segment was discontinued in June 2026, following the disposal of GRP Sdn Bhd, while the plastic segment continues to focus on growing its market share.

The company also manages hostels and facilities at Universiti Putra Malaysia (UPM) under a build-operate-transfer concession that expires in 2028. It is also in property development.

Kumpulan Jetson’s share price was unchanged on Friday at eight sen per share, valuing the company at RM33.3 million. Year-to-date the stock is down 33.33%.

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