- IOUpay (IOU) executes search and seizure orders in Malaysia against its former CFO, Kenneth Kuan Choon Hsuing, and three others associated with him
- The company also commences civil proceedings in the High Court of Malaysia to identify and recover assets
- Last week, IOU reported it had “strong grounds” to suspect that Mr Kuan misappropriated up to $7 million in company funds relating to its partnership with IDSB in September last year
- The search and seizure orders were granted on March 21, with the raids taking place on March 24 across Mr Kuan’s premises and the premises of the others involved
- Shares in IOU are in voluntary suspension but last traded at 4.1 cents
IOUPay (IOU) has executed search and seizure orders in Malaysia against its former CFO, Kenneth Kuan Choon Hsuing, as well as three others associated with him.
The company also announced it had commenced civil proceedings in the High Court of Malaysia to identify and recover assets.
Last week, IOU reported it had “strong grounds” to suspect that Mr Kuan misappropriated up to $7 million in company funds relating to its partnership with IDSB in September last year.
The search and seizure orders, labelled the “Anton Piller” orders, were granted by the High Court on March 21, 2023, for IOUpay’s lawyers, an independent lawyer and independent forensic technicians, to search and seize documents and evidence.
The raids took place on March 24 at Mr Kuan’s premises and the premises of the other three other individuals involved, in Kuala Lumpur.
Officials obtained documents and other evidence during the raids, including electronic devices and mobile handsets, which are being analysed by independent forensic investigators.
Further, IOU obtained a freezing order on March 21. The order, on March 24, froze the bank accounts and other assets of Mr Kuan and the others, preventing them from removing assets from Malaysia for a period of time.
IOUPay called on Crowe Malaysia on March 14 to conduct an independent forensic audit of all suspicious transactions.
Shares in IOU were put on voluntary suspension but last traded at 4.1 cents.