After reprimand, SCIB says committed to enhancing corporate oversight, professionalism

KUCHING (Dec 4): Sarawak Consolidated Industries Berhad (SCIB) is firmly committed to enhancing its corporate oversight and professionalism, following recent corporate governance subjects including a public reprimand by Bursa Malaysia Securities and the last-minute departure of a former auditor.

The industrialised building systems specialist in a press statement today acknowledged the public reprimand by Bursa Malaysia Securities, which was specifically directed at two former board members for breaches related to the Main Market Listing Requirements.

“SCIB clarifies that these individuals are no longer part of the company, having departed prior to the reprimand.

“This transition has paved the way for the appointment of new board members who bring with them a reinforced focus on governance, compliance, and operational integrity,” it said.

SCIB said the late submission of its Annual Report 2021, primarily due to complexities in auditing overseas construction contracts, highlighted areas for improvement in the company’s financial reporting processes.

This was further complicated by the untimely resignation of the company’s external auditors, it added.

“SCIB has since taken significant measures to ensure such delays and challenges do not recur.

“This includes the timely publication of our FY2023 Annual Report on Oct 31, 2023, demonstrating our renewed commitment to timely and transparent financial disclosures.”

Meanwhile, SCIB group managing director Ku Chong Hong in the statement said the company takes responsibility for corporate compliance and governance very seriously.

“The recent challenges have been a learning opportunity, leading to stronger internal controls and audit processes.”

“Our new board members have been instrumental in this turnaround, ensuring that SCIB not only adheres to but exceeds the standards expected by our regulators and stakeholders,” he said.

With these changes, SCIB has entered a new era of corporate governance.

The company is now poised to build upon its recent successes including achieving profitability in FY2024 Q1, backed by a board and management team dedicated to upholding the highest standards of professionalism and integrity.