Lee Kim Yew asks Metronic to conduct special audit

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KUALA LUMPUR (Oct 15): Tan Sri Lee Kim Yew (pictured), the largest shareholder of Metronic Global Bhd with 29.01% equity interest, has requested the company to appoint an independent auditor to conduct a special audit on the corporate activities exercised this year, which comprises an executives' share option scheme (Esos), a joint venture and a proposed private placement, as well as the company's cash flow position.

In a statement today, Lee said he had instructed his solicitors to write to Metronic's board of directors on Sept 30, 2019 about the special audit and the appointment of an independent auditor.

Metronic had on Oct 7 replied to the request and will hold a board meeting on Oct 16. The group also said it will revert to Lee on the outcome of the board meeting on the same day.

Metronic shares did not trade today. It last closing price was five sen on Oct 14.