Two Directors Quit Troubled Lingerie Company After A Month

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Mazlan Lazim and Azri Azerai had joined the Caely board in March.PETALING JAYA: Two independent directors have resigned after a month on the board of troubled lingerie maker Caely Holdings Bhd.
The company has had its bank accounts frozen by the Malaysian Anti-Corruption Commission.
Mazlan Lazim, a former deputy inspector-general of police, had been appointed on March 29 while Azri Azerai, who has a history in corporate finance and restructuring, joined Caely’s board on March 23, Bernama reported.
Azri said he joined Caely’s board of directors with the intention of assisting in the expansion of the group’s existing lingerie manufacturing and exporting business.

“Issues that have arisen recently may have affected my ability to continue to help the group and I have decided to resign,” he said in a statement today.
Caely confirmed that Mazlan Lazim and Noor Azri Azerai had stepped down to pursue other opportunities, The Edge Markets reported.
The company also announced it has appointed Sin Hock Min and Loh Ming Choon as executive directors and Hanafiah Zakaria as an independent director.
Caely appointed a forensic auditor in April to carry out an independent audit on allegations of suspicious and irregular transactions at the company, and last week, the company confirmed that the MACC had issued a freeze order on all of its operational bank accounts and those of its subsidiaries.
Caely said that it was now exposed to potential lawsuits and claims for breach of contract as it was unable to make payments to suppliers, banks and any other parties, or to pay salaries. - FMT

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