KUALA LUMPUR (Dec 5): Revenue Group Bhd has found that there was an absence of standard operating policies and procedures in relation to the group’s supplier management and non-trade purchases, following a completed internal special review of its procedures for the checking of payment transactions.
In a filing with Bursa Malaysia on Tuesday, Revenue Group said the special review, covering the period from Jan 1, 2021 to Dec 31, 2022, was carried out in response to the purported irregular transactions allegedly perpetrated by its former directors Brian Ng Shih Chiow and Dino Ng Shih Fang.
The review, conducted by GovernanceAdvisory.com Sdn Bhd (GASB), also found that purchases and accounts payable procedures were not consistently practised in accordance with standard procedures.
The appointed reviewer observed that there were also incomplete supporting documents for payments made by the group due to the absence of procedures to document and govern the movement, retention and retrieval of documents.
Besides that, the delegation of authority matrix was not regularly reviewed and updated by the management under the former executive directors, namely the Ng brothers.
GASB was appointed on…
