KUCHING, December 27 – Sarawak Consolidated Industries Berhad (SCIB) confronts recent corporate governance matters with a resolute pledge to fortify corporate oversight and professionalism. The company responds to the public reprimand by Bursa Malaysia Securities, specifically targeting two former board members for Main Market Listing Requirements breaches, emphasizing that these individuals are no longer part of SCIB. The transition has facilitated the appointment of new board members focused on bolstering governance, compliance, and operational integrity.
SCIB acknowledges challenges in financial reporting processes, particularly the delayed submission of the Annual Report 2021 due to complexities in auditing overseas construction contracts and the untimely resignation of external auditors. To prevent future setbacks, SCIB has implemented significant measures, ensuring timely and transparent financial disclosures. The publication of the FY2023 Annual Report on October 31, 2023, underscores the company’s renewed commitment to adherence to the highest standards.
Mr. Ku Chong Hong, Group Managing Director of SCIB, emphasizes the company’s unwavering commitment to corporate compliance and governance. The recent challenges have served as a learning experience, leading to enhanced internal controls and audit processes. The new board members play a pivotal role in this transformation, exceeding standards set by regulators and stakeholders. SCIB now enters a new era of corporate governance, poised for continued success, including achieving profitability in FY2024 Q1, guided by principles of accountability and excellence.
