Tuesday, 10 April 2012

Xian Leng strengthens corporate governance

KUALA LUMPUR (April 10) : The board of XIAN LENG HOLDINGS BHD [] will improve the company’s corporate governance following a special audit which revealed financial irregularities in the commercial breeder of ornamental fish.

In a statement to the exchange on Tuesday, Xian Leng said its directors will consider and implement preemptive and corrective measures including the appointments of key personnel to oversee its business. These include a legal advisor and monitoring accountant, apart from an officer in charge of the daily operations of the firm.

According to Xian Leng, the firm will undertake a thorough review of its internal control to prevent the occurrence of financial irregularities.

The special audit on Xian Leng by PricewaterhouseCoopers Advisory Services Sdn Bhd revealed financial irregularities in its fish farm development capital expenditure amounting to RM90.7 million of which a total of RM85.7 million was disbursed under “questionable circumstances”, according to Xian Leng.

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