What details link the RM3 million to unlicensed investment schemes?

Question

Accepted Answer

Malaysiakini Lost RM3 Million Due to Alleged Diversion to Unlicensed Investment Schemes

Malaysiakini reported a loss of RM3 million, with funds allegedly diverted by former employees into suspected unlicensed investment schemes. This alleged diversion occurred over a one-year period between March 2023 and March 2024. The misappropriation remained undetected due to misleading information in the audited company accounts for that timeframe, which falsely stated the funds were held in "fixed deposits placed with a licensed bank."
Diversion Period and Accounting Deception

The alleged financial misconduct spanned twelve months, from March 2023 to March 2024. During this period, the company's audited financial statements presented a false picture, indicating that the missing funds were secured as fixed deposits with a legitimate financial institution. This misrepresentation allowed the illicit activity to continue unnoticed.
Discovery and Internal Investigation

The loss was only discovered after the period of alleged diversion concluded. Following the identification of the discrepancy, the board of directors initiated internal investigations. These internal probes were conducted with the assistance of independent legal counsel and financial consultants to thoroughly examine the matter before any official action was taken.
Police Report Filed After Investigation

After concluding its internal investigations with the help of external experts, the board of Mkini Group Sdn Bhd proceeded to file a police report. This step was taken to formally notify law enforcement authorities about the alleged diversion of funds and the suspected involvement of former employees in unlicensed investment schemes.

Reading history

Hide →

This history is cleared when the page is closed.

What details link the RM3 million to unlicensed investment schemes?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends