PKF Covenant conducts investigative review on Scanwolf

PETALING JAYA: Scanwolf Corp Bhd has appointed PKF Covenant Sdn Bhd to conduct an investigative review on the group's development projects.
"The circumstances leading to the appointment of PKF Covenant is the findings of insufficient measures, severe discrepancies and possible irregularities in the implementation of the development projects, which were discovered during a review over the management, operation and practice of certain projects and their contract management processes," it said in a filing with Bursa Malaysia yesterday.
Scanwolf said the findings have prompted concerns among its board of directors about possible lapses in corporate governance in the projects as well as the group's other activities.
PKF Covenant's scope of review includes the organisation, reporting structure and financial affairs of the group, particularly those relating to its property development division.
The investigative review is expected to facilitate improvements in the company's corporate governance policies and the deliberations of Scanwolf's board of directors on the possible courses of action to be taken in respect of the findings.
PKF Covenant commenced work yesterday and the full review is expected to be completed within eight weeks.