KUALA LUMPUR (Bernama) -- Cahya Mata Sarawak Bhd
(CMS) expects to appoint an external consultant by the middle of this month to probe allegations of financial mismanagement in relation to its investments and operations.
Replying today to a query letter from Bursa Malaysia, the company said the terms of reference (TOR) are being drafted and are expected to be completed this week.
"The TOR is being finalised and the schedule for completion will be agreed with the external consultant to be appointed by the middle of this month.
"The more important task of the external consultant is to review whether there were sufficient effective controls and risk mitigation measures in place to ensure that there are no future recurrences,” it said.
CMS said the concerns have been expressed to the board on substantial investment and contract losses which have been accounted for and reported in its audited financial statements for 2016, 2017, 2019 and 2020.
"The nature of these transactions will be subject to review by an external consultant to be appointed by the company,” it added. Yesterday, CMS announced the suspension of its group chief financial officer (CFO), Syed Hizam Alsagoff, with immediate effect for 30 days.
...