Versatile Creative expects forensic audit to complete in three weeks

July 6, 2018 | By | Reply More

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PETALING JAYA: Versatile Creative Bhd is targeting to complete its investigation and forensics audit on unauthorised payments within three weeks’ time.

“The investigation and forensics audit which commenced on July 3 is expected to be completed within three weeks from the commencement date,” the company said in a filing with the stock exchange.

On Tueday, Versatile announced that it had discovered financial irregularities arising from unauthorised payments to third parties between August 2017 and June 2018.

The company suspended its managing director and chief financial officer pending the investigation by the forensics auditor.

A police report was also lodged on Monday by its chairman Datuk Lee Kwee Hiang.

Lee and Andy Yap Jee Wye have been appointed as the acting managing director and chief financial controller, respectively.

Versatile swung to the red registering a net loss of RM6.6 million for the financial year ended March 31, 2018 versus a net profit of RM71,000 a year ago, due to increased losses from the plastic products division.

At 2.40pm, the stock fell 2.5 sen or 3.9% to 62 sen on 10.06 million shares done.

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