Thursday, January 31, 2008

Multi-Code files suits..

Previously blogged: Special audit on Multico accounts! and also see It's the business.. Part II (Muticode was a stock that paid great dividends but the business was in a slump!)

Today, Business Time published that
Multi-Code files police report on former MD!!!

  • The company's chairman has lodged a formal complaint against Gordon Toh Chun Toh over an alleged RM36 million misappropriation

    A POLICE report has been lodged against the former managing director of Multi-Code Electronics Industries (M) Bhd over an alleged RM36 million misappropriation in the second board-listed company.

    In a filing to Bursa Malaysia yesterday, the company said the formal complaint was lodged by its current chairman Datuk Mohd Nadzir Mahmud against Gordon Toh Chun Toh.

    "The board had resolved that Toh was unable to account to the board and the company's auditors RM35 million to RM36 million of the company's funds had been properly invested in foreign financial institutions," the company said.

    Toh, a Singaporean, was appointed managing director of Multi-Code on March 23 2007.

    Toh, 56, was described as a Colombo Plan scholar, having served in the Singapore civil service and later, several banks. He was managing director of Elliott Gordon Singapore .

One comment - I am known not to like to see the listed company investing the excess money. So many things can go wrong. I would prefer to see the listed company to return excess company back to its shareholders!