The suspension of the executive director of GIIB Holdings Berhad (formerly known as Goodway Integrated Industries Bhd), Wong Weng Yew, from his roles in the company and its subsidiaries was announced in the GIIB’s bourse filing on 11 April 2022. Wong’s suspension from 28 March was extended until 25 April pending the evaluation of Wong’s reply to the show-cause letter. However, no reason was stated for the suspension or the show-cause letter at the time.
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In response, Wong released a statement to the media on 19 April as follows:
“The announcement of my suspension was reported in a statement by GIIB Holdings Berhad to Bursa Malaysia on the 11th of April 2022. This was then reported in the media at the time, with scarce details to the background of events in recent weeks.
“The suspension comes after I raised questions about the nature of several transactions, which I found to be suspicious in nature. Ever since I have brought the transactional issues to light, the management has treated me with hostility and contempt.
“In a further affront to good governance, the Executive Chairman, Mr Tai Boon Wee, directly requested for me to approve certain payments although I am still suspended from duty. These irregular actions by the Executive Chairman should be a matter investigated by an internal audit committee and the relevant regulatory bodies.
“As a matter of fact, on the 7th of April 2022, I have responded to the show cause letter with full explanation and supporting evidence denying all allegations.
“My fiduciary duty as Executive Director and authorised signatory remains to the shareholders. This current set of actions can only be to silence my questions with regards to the suspicious transactions and to defame me in the eyes of the public, and as such, I reserve all my rights.”
Wong’s statement is contrary to GIIB’s explanation on 12 April that the suspension was to facilitate the investigation into Wong’s management and handling of the glove business and the company’s accounts.
On Monday (18 April), GIIB announced that an investigative committee to oversee the investigation into the allegations against Wong was just set up by the company. The newly set up committee thus needs more time to seek proposals from the independent audit firm to investigate the matter. GIIB added that further announcements would be made upon the engagement of the independent audit firm.
The committee comprises its independent non-executive directors Yong Wei Sang and Tee Jun Shern, as well as Tai Qiyao, the alternate director to Tai Boon Wee who is the company’s executive chairman cum chief executive officer.
GIIB Holdings Berhad manufactures, distributes, and markets rubber compounds and other rubber-related products, and had recently diversified downstream into glove manufacturing through GIIB Healthcare Products Sdn Bhd, of which GIIB is a 51 per cent shareholder.
