It has appointed Messrs Morison Anuarul Azizan Chew to assist in its investigation into an alleged withdrawal of rm8.7 million from its subsidiary Kamdar Sdn Bhd in 2005.
The special audit shall commence on April 22 2014, and is expected to be completed within two weeks from the commencement date. The company shall make an announcement on the findings of the special audit upon its completion.
The appointment of special auditor followed a meeting between the stock exchange regulator and Kamdar Group MD Kamal Kumar on a probe into a dispute among Kamdar Group’s shareholders to recover a sum of rm8.7 million that was allegedly withdrawn from the subsidiary more than eight years ago.
It was reported earlier on March 24 2014 that a sum of rm8.7 million had allegedly been withdrawn from Kamdar Sdn Bhd in 2005, of which rm5.7 million was used to purchase Kamdar Group shares under the name of one Eric Yap Kim Hong, during its IPO.
After the withdrawal was discovered, certain family members of Kamdar Group contributed their own money to cover the rm8.7 million hole. But now they want to recover what they had put in.
It was also reported that Yap asserted that he had only acted as a proxy for a former director of Kamdar Group to hold the shares.
The Kamdar Group had taken legal advice on the matter and was in the process of investigating and gathering evidence of any wrong doing.
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