MUDAJYA - OTHERS Mudajaya Group Berhad ("Mudajaya") -Internal Review
| Company Name | MUDAJAYA GROUP BERHAD |
| Stock Name | MUDAJYA |
| Date Announced | 20 Mar 2015 |
| Category | General Announcement |
| Reference No | MG-150320-1242C |
| Type | Announcement |
| Subject | OTHERS |
| Description | Mudajaya Group Berhad ("Mudajaya") -Internal Review |
The Board of Mudajaya had instructed an internal management working group (“Work Group”) to conduct a comprehensive review of additional costs incurred on a specific project undertaken by the Group which was included in the Group's 4th Quarter, 2014 results announced on 27th February 2015. The Work Group in its report to the Board on 19th March 2015 revealed an isolated case of irregular transactions in one project involving one former employee of the Group. Based on the findings, the Board emphasises firmly that all financial impact to the Group has been adequately accounted for in the 4th Quarter, 2014 results, i.e. no further provisions for costs are required beyond what was reported. There is also no impact on the operational performance of the project or to other projects undertaken by the Group, nor to any of our customers, suppliers or partners. The Board has engaged an international audit firm and legal consultants to validate the findings of the Work Group. There is no change in the Group's operations and it is business as usual with our customers and stakeholders. This announcement is dated 20th March 2015. | |
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