KUALA LUMPUR: Bina Goodyear Bhd’s senior general manager of finance Lau Poh Lee has been suspended after accounting irregularities at the company triggered the Practice Note 17 (PN17) of the Main Market listing requirements of Bursa Malaysia on Nov 20.
In an exchange filing yesterday, the property developer said the suspension was due to pending investigations into the accounting records of the company.
On Nov 19, Bina Goodyear told the stock exchange that Lau had informed the board that the company would have to make a RM29.6 million provision due to unbillable work-in-progress which cannot be charged to the company’s customers.
Bina Goodyear’s shares took a heavy beating in trading when it plunged to close at 17.5 sen on Nov 19. The shares had been battered down to as low as 10 sen in the intra-day trading session. Yesterday, its stock closed at 18.5 sen per share with 678,000 shares exchanging hands.
The company, involved in construction and property development, said the impact of the provision would affect its shareholders equity and trigger the criteria for the PN17 status.
It appointed PKF Advisory Sdn Bhd to conduct a special audit on Nov 19 to look into the provisions and related matters. According to Bina Goodyear’s website, Lau joined in 1996 and is a member of the Malaysian Institute of Accountants and Malaysian Institute of Certified Public Accountants, having qualified in 1989.
On its website, the company said it has completed several landmark government projects such as the Selangor State Mosque, International Islamic University and various projects in Putrajaya.