Pas­dec: MD ‘ not guilty’

> Board ac­cepts ex­pla­na­tion, says he acted within lim­its of author­ity in ex­e­cut­ing a min­ing agree­ment

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Pas­dec Hold­ings Bhd’s board is sat­is­fied with the ex­pla­na­tion given by group man­ag­ing di­rec­tor Datuk Mohd Khairud­din Ab­dul Manan over al­le­ga­tions that he over­stepped his author­ity in ex­e­cut­ing a min­ing agree­ment with­out the knowl­edge of the board.

Khairud­din re­sumed his po­si­tion on Tues­day fol­low­ing a leave of ab­sence since April 29.

Find­ings from Pas­dec’s in­ves­ti­ga­tion into unau­tho­rised min­ing ac­tiv­i­ties car­ried out on land be­long­ing to a wholly owned sub­sidiary Pas­dec Corp Sdn Bhd (PCorp) in Kuan­tan, Pa­hang (PCSB land), showed that Khairud­din may have failed to com­ply with the lim­its of author­ity in Pas­dec when he ex­e­cuted an agree­ment with a third party in 2014 for the ex­trac­tion of earth from PCSB land and lev­el­ling of the land with­out it be­ing vet­ted by the le­gal depart­ment and with­out the knowl­edge and ap­proval of the com­pany’s board.

Pas­dec said the find­ings of the foren­sic au­dit re­view car­ried-out by Messrs Deloitte Cor­po­rate So­lu­tions Sdn Bhd were pre­sented to the au­dit com­mit­tee.

“The find­ings of the foren­sic au­dit also showed that the de­posit and pay­ments re­ceived from the third party for car­ry­ing out the ex­trac­tion of earth and lev­el­ling works on PCSB land were not recorded as de­posit or in­come in the books of PCorp be­fore be­ing chan­nelled to Ke­lab Amal Pas­dec, a sports and recre­ation club of the com­pany,” Pas­dec said in a stock ex­change fil­ing yes­ter­day.

The agree­ment signed by PCorp is for the third party to un­der­take ex­trac­tion of earth and lev­el­ling works and not to carry out min­ing ac­tiv­i­ties.

Fol­low­ing the foren­sic au­dit find­ings, the board had sought le­gal opin­ion from Messrs Bas­tian Ven­dar­gon. As rec­om­mended by Bas­tian Ven­dar­gon in their le­gal opin­ion, the board had car­ried out due in­quiry on the group man­ag­ing di­rec­tor to as­cer­tain whether or not he was guilty of mis­con­duct and breached his ser­vice agree­ment with re­gards to the find­ings of Deloitte.

After un­der­tak­ing the due in­quiry process, the board of Pas­dec was sat­is­fied with the ex­pla­na­tion and facts pro­vided by the group man­ag­ing di­rec­tor and the board con­cluded that the group man­ag­ing di­rec­tor acted within the lim­its of author­ity and du­ties ac­corded in his ser­vice agree­ment.

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