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Kamdar appoints special auditor in RM8.7mil withdrawal

kamdarauditorprobeb3 (1)PETALING JAYA: Kamdar Group (M) Bhd has appointed Morison Anuarul Azizan Chew as a special auditor to help in its investigation over an alleged withdrawal of RM8.7mil from its main subsidiary – Kamdar Sdn Bhd.

The special audit will commence on April 22, 2014 and is expected to be completed within two weeks.

“The company shall make an announcement on the findings upon the completion of the special audit,” said kamdar.

The Kamdar group dispute involves contractor Eric Yap Kim Hong, who had RM5.7mil worth of shares bought under his name during the company’s listing exercise in 2005.

A total of 4.8 million Kamdar shares were acquired at RM1.20 a piece.

According to reports, Yap is believed to be a proxy for former executive chairmanBipinchandra Balvantrai, who is the cousin of Kamdar’s current managing director, Kamal Kumar Bipinchandra is now a non-executive director at Kamdar.

According to reports, on March 23, 2005, a cash cheque for RM2.42mil was withdrawn, signed by Bipinchandra. Two days later, RM580,000 was withdrawn, payable to Jayesh Kumar, who was the company’s CEO from November 2004 to June 2011.

Jayesh is Bipinchandra’s nephew and a cousin of Kamal Kumar.

Collectively, this makes up the missing RM8.7mil.

On March 24, Kamdar clarified that it had taken legal advice on the RM5.7mil that was taken out of the subsidiary.

“The board of directors has taken legal advice on the matter and has been and continues investigating the matter and is in the process of gathering evidence of the wrongdoing and will take any and all the necessary steps to recover any monies withdrawn without authorisation or unlawfully,” it told Bursa Malaysia.

– THE STAR

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