ASIA Media Group (AMG) is likely to be in the spotlight for the near term, with the appointment of legal advisers and forensic auditors at the company.
According to AMG’s announcement to Bursa Malaysia, it had appointed law firm Krish Maniam & Co “to investigate the possibility of losses caused by certain individuals with decision-making powers prior to the entry of the current board of directors. Essentially, the review is linked to the write-downs and depreciation of the company’s assets and their whereabouts that directly and/or indirectly led to the current impairment and write-downs”.
AMG has estimated an initial RM103.2 million in impairment losses, which is sizeable considering that its market capitalisation at last Thursday’s close of 15 sen was only RM35.92 million.