KUALA LUMPUR : PROPERTY developer Malaysia Pacific Corp Bhd (MPCorp) changed its tack yesterday, saying it may now consider a request by a minority shareholder to carry out a forensic financial audit on its books for the past six years, after earlier denying such intention. This comes two days after the company told Bursa Malaysia that the request was made without basis, but agreed to discuss the matter at its next board meeting in January. Speaking to reporters at its headquarters here yesterday, MPCorp's newly-appointed chief executive officer Charles Ch'ng said: "We are transparent and we are prepared to disclose everything". According to news reports on Tuesday, shareholder Yap Chee Keong , at the company's annual general meeting on Monday, requested that MPCorp carry out a forensic audit to clear the air over any alleged financial mismanagement in the company. Yap said MPCorp chairman Datuk Syed Hussien Abdul Kadir had agreed to minority shareholders' request to appoint an independent auditor other than Messrs BDO to take a look at MPCorp's books. The company, however, issued a statement to Bursa Malaysia on Tuesday, saying that Syed Hussien had observed the request for the forensic audit. "The chairman and the board viewed that the request was made without any basis and agreed to discuss the matter at the next board meeting. However, the chairman's statement was misquoted in the article published in the newspapers. "The press did not confirm the statement with the chairman or the company before the article was released," said MPCorp. Another shareholder Wong Seng Huat said the two-hour meeting was recorded and Syed Hussien did agree to the forensic audit request and his words were clearly caught on tape. "The company is seeking legal advice on the untruthful allegations by the shareholders and further announcement will be made as and when appropriate. We won't keep quiet," said Ch'ng. Bursa Malaysia publicly reprimanded MPCorp last month for failing to make an immediate announcement on the default in payments of the overdraft and revolving credit facilities of RM97.4 million granted by RHB Bank Bhd . Ch'ng said MPCorp will not become a Practice Note 2001/17 company and is working to improve its financial performance and cash flow by moving into an area that can enhance its earnings. "The shareholders have full confidence in us and they understand the challenging time we are facing right now," he said.
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