Saturday, June 26, 2010

Linear board gets Bursa order to appoint special auditor

KUALA LUMPUR: Bursa Malaysia Securities Bhd has ordered Linear Corp Bhd to immediately appoint a special auditor (SA) to undertake an investigation into the affairs of the company and in particular its financials.

In a late statement issued on Friday, June 25, Linear said it had at 7.58pm received the directive from the regulator to have an SA to identify any potential irregularities, 'including but not limited to the operations and maintenance of the Prime Savings & Trust accounts in Sweden where the RM36 million was purportedly paid out'.

Linear said it was required to revert to Bursa Securities within two market days on the proposed scope of work and candidates of the SA for their concurrence.

Linear said the company was also required to update Bursa Securities on any development with regard to the special audit including the findings and course of action to be taken following the results/findings of the special audit.

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