The Board of Directors of SCIB (“Board”) wishes to inform that the Company has received a notice in writing dated 23 July 2021 (“Notice”) from KPMG PLT (“KPMG”) on their resignation as auditor of the Company with immediate effect.

To put the matter into context, the Company has been inter alia  seeking legal advice regarding recent events surrounding KPMG that has caused adverse speculation against the Company. This is in light of a perception that the Company shares similarities to that of another public listed company, which is currently in litigation with KPMG.

Accordingly, concerns were raised by the Company as to whether KPMG is able to continue acting independently in their capacity as auditor consonant with Rule 400.5 of the Malaysian Institute of Accountants By-Laws (on professional ethics and conduct).

Following this, KPMG has in the Notice stated that the views and opinions of the Company on KPMG’s independence, coupled with the potential of a claim by the Company, has compromised KPMG’s ability to continue to independently discharge their professional duties as auditor of the Company. In the circumstances, KPMG is constrained to give notice of their resignation as auditor of the Company with immediate effect pursuant to Section 281 of the Companies Act 2016.

There is no matter that needs to be brought to the attention of the shareholders of the Company.

The Company is currently in the midst of identifying a new auditor to fill the vacancy in the office of the auditor pursuant to Section 271(2)(b) of the Companies Act 2016 and will make an immediate announcement upon finalisation of the appointment of new auditor.

This announcement is dated 26 July 2021.