“Grant Thornton resigns as Sentoria’s auditors amid CEO misconduct claims. Sentoria reports RM37.7 million loss for 9MFY2024 and a 50% YTD share price drop.”
Kuala Lumpur, 06th Sept 2024, 02.54pm – Sentoria Group Bhd announced on Thursday that Messrs Grant Thornton Malaysia PLT (GTM) has voluntarily stepped down as the company’s external auditors.
In a filing with the stock exchange, Sentoria confirmed receiving Grant Thornton Malaysia’s resignation notice, dated Sept 2, but did not provide a reason for their resignation.
“We are unaware of any issues that need to be communicated to the shareholders,” Sentoria added, noting that the company is in the process of appointing new external auditors and will make an official announcement once the process is completed.
Recently, Sentoria Group Bhd has gained attention due to a dispute involving its former CEO, Datuk Loh Yuen Tuck.
Loh, who joined the company in January, was suspended on May 29 over allegations of misconduct. Sentoria accused him of being absent without notice since May 17, abusing his position, and being involved in various misrepresentations and irregularities.
However, his suspension, initially set for three months, was lifted on June 28, allowing him to return to work immediately as Sentoria chose to address the matter internally rather than appoint an external investigation team.
Loh later resigned from his position, citing constructive dismissal in a letter dated July 25, according to a report by The Edge Malaysia for the week of Aug 19-25.
Sentoria, however, rejected Loh’s claim, stating that he had instead breached his own service contract. In a filing last month, the company also revealed that Loh had taken legal action against them in the industrial court, and it would defend its case if necessary.
Sentoria’s largest shareholder, Sentoria Capital Sdn Bhd (SCSB), is controlled by joint managing directors Datuk Chan Kong San and Datuk Gan Kim Leong, who hold a 35.8% stake.
The company has been posting losses for the past four fiscal years. For the nine months ending June 30, 2024 (9MFY2024), Sentoria reported a net loss of RM37.7 million.
Sentoria’s share price, which has dropped 50% year-to-date, remained steady at 4.5 sen on Wednesday, giving the company a market value of RM28.03 million.
