KUALA LUMPUR: GIIB Holdings Bhd has suspended executive director Wong Weng Yew to facilitate the investigation into his management and handling of the glove business and the group's accounts.

       “The Board has resolved to engage an independent audit firm and any other experts (if required) to undertake the above-mentioned investigations,” the rubber and rubber-related compounds manufacturer said in a Bursa filing.

       “Subject to further development of the suspension of Wong, the company is not expected to have a material financial or operational impact on the company apart from the professional fees to be incurred for the investigation,” GIIB said.

       Wong has been suspended from his employment with the company since March 28 and the suspension has been extended until April pending the evaluation of the reply of show cause from Wong.

       Separately, GIIB’s subsidiary, GIIB Healthcare Products Sdn Bhd has through its solicitors, Messrs. BB Teh filed an originating summons for Fortuna Injunction at the High Court of Malaya at Kuala Lumpur against Glomaxes Latex Glove Manufacturer Sdn Bhd’s Statutory Winding up Notice issued thereunder Section 466(1)(a) of the Companies Act 2016.

       Glomaxes is the main contractor for GIIB Healthcare’s glove production lines.

       Yee Voon Hon is a director of Glomaxes and GIIB Healthcare and he also holds 49% direct equity interest in GIIB Healthcare.

       “Apart from the potential costs which may be awarded against GIIB Healthcare and the corresponding legal costs, the Originating Summons for Fortuna Injunction is not expected to have any other material financial impact on the group,” GIIB said.