OTHERS IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company") - Police Report pertaining to OGL Asia Resources ("OGL")

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company")  
- Police Report pertaining to OGL Asia Resources ("OGL")

The Company wishes to announce that a police report has been made by Ire-tex Malaysia Sdn Bhd, a subsidiary of Ire-tex Corporation Berhad on 11 May 2017. Between June 2015 to October 2016, a cumulative sum of around RM1.8 million was caused to be paid out of the funds of Ire-tex (Malaysia) Sdn Bhd. The payments were approved by Kong Hon Kay and Christopher Purcell. In answering questions from the Special Review Committee formed by the board to review the profit leakages of the Company, payments to OGL were explained by Kong Hon Kay and Christopher Purcell as payments for “sales commission to specified persons known to senior management.” The Company has an existing sales team which already attends to customers and has not engaged OGL to do any sales / marketing for the Company.

Further announcement(s) to Bursa Malaysia Securities Berhad on any material development on the above will be made in due course.

 

This announcement is made on 12 May 2017.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 12 May 2017
Category General Announcement for PLC
Reference Number GA1-12052017-00099