GIIB Holdings : MACC investigations are to do with subsidiary GIIB Healthcare

KUALA LUMPUR: GIIB Holdings Berhad today in response to queries from Bursa Malaysia Securities said Malaysian Anti-Corruption Commission investigations which led to the remand of three of its directors were to do with a RM24,000 transaction and liabilities of subsidiary company GIIB Healthcare Products Sdn. Bhd. 

The transaction in question is to do with a RM24,000 invoice related to the sales of gloves to A2 Gloves Sdn. Bhd. by GIIB Healthcare Products Sdn. Bhd. While the liabilities refer to GIIB Healthcare's trade liability, non-trade liability and provision of liabilities in an announcement made by the company on 29 May 2023 for the Interim Quarterly Financial Results ended 31 March 2023.

"The group has obtained legal opinion and concluded the RM24,000/- transaction is legal and does not breach any laws. The group is requesting its external auditors to review the position of GIIB Healthcare Products Sdn. Bhd.'s liability as at the balance sheet date in question. On item 1 (iii) above, the Board is unable to take any action due to lack of information," the company said in its filing with Bursa Malaysia Securities. 

GIIB Holdings also clarified that directors Tai Boon Wee, Tai Qiyao and Wong Ping Kiong were all released by MACC on 2 June 2023. 

The company's share price hit a high of 14 sen today after Singapore-based HAGF Investment (I) Pte. Ltd. (HAGF) emerged as a substantial shareholder, with a 8.2 per cent interest, in the company.

HAGF is wholly owned by Hildrics Asia Growth Fund I, a Singapore-based private equity fund managed by Hildrics Capital Pte. Ltd.

As at market close today the rubber product manufacturer's shares were priced at 13 sen a share, an almost 37  per cent jump from its last closing price. Some 33.45 million shares changed hands.

The company which has had a few run-ins with MACC this year, also announced that it has appointed former MACC advisory panel member Tan Sri Datuk Robert Phang Miow Sin as group executive advisor.

Phang will advise the company's management in areas of law enforcement, communication with authorities, business networking and relations with China and other countries.

Earlier this year, MACC charged both Tai Boon Wee and Wong Ping Kiong  under Section 18 of the MACC Act for allegedly furnishing fake documents to auditor Grant Thornton Malaysia PLT.  Sessions Court has set the trial dates for the case from 15 January 2024 to 17 January 2024.

Source : https://www.nst.com.my/business/2023/06/921983/giib-holdings-macc-investigations-are-do-subsidiary-giib-healthcare%C2%A0

GIIB appoints Phang as group exec adviser

PETALING JAYA: GIIB Holdings Bhd has appointed Tan Sri Robert Phang Miow Sin as its group executive adviser.

In a filing with Bursa Malaysia, the manufacturer of rubber-related compounds said Phang will be advising the company’s management in areas of law enforcement, communication with authorities, business networking and relations with China and other countries

Phang is a known crime fighter and philanthropist, where he has made countless welfare contributions to the needy as well as highlighting various social injustice issues.

Source : https://www.thestar.com.my/business/business-news/2023/06/20/giib-appoints-phang-as-group-exec-adviser