Investigations Into Former CEO Misappropriating Millions
Kuala Lumpur – Thomas Philip Advocates and Solicitors (Thomas Philip), the lawyers acting on behalf of the new Board of Directors (BoD) of WRP Asia Pacific Sdn Bhd (WRP) today confirmed that the Malaysian Anti-Corruption Commission (MACC) visited WRP’s premises.
He says it part of investigations into alleged misappropriation of funds amounting to millions by its former Chief Executive Officer, Dato’ Lee Son Hong.
As part of the new BoD’s efforts to turnaround the company and restore accountability to WRP, on March 5th the new BoD appointed Tan Sri Dato’ Seri Musa bin Tan Sri Hj Hassan, the former Inspector-General of Police, as an Advisor on Regulatory Compliance and Security, specifically to ensure adherence to Malaysia’s regulatory requirements.
Special Counsel for WRP, Mathew Thomas Philip, who is the Founder and Managing Partner of Thomas Philip said, “While a raid by MACC is not something that any company wants, for us at WRP it means another step forward to holding the previous management accountable for their actions. It gives us renewed hope that those who jeopardised the company’s finances and credibility for personal gain, will be taken to task and be held answerable for all the instability they have caused,”
“The new BoD is more than willing to cooperate and be of any assistance in these ongoing investigations. We are grateful we have Tan Sri Dato’ Seri Musa on board as our advisor so WRP can step up and comply with all regulatory requirements. We look forward to the outcomes of the investigations and are confident it will be conducted thoroughly,” he added.
The BoD which gained possession of the company in January this year, had uncovered substantial legacy issues with the help of forensic auditors. Apart from misappropriation of WRP’s funds, there were discrepancies relating to regulatory compliance in the employment of workers, which are expected to require extensive investigation and remedial measures.
The BoD has mandated Tan Sri Dato’ Seri Musa and his experienced team of professionals to join the BoD’s turnaround team to assess the company, its affiliates and subsidiaries on all regulatory and security-related matters.