IOUpay: Executes search and seizure orders against former CFO

IOUpay Executes search and seizure orders against former CFO

• IOUpay (IOU) executes search and seizure orders in Malaysia against its former CFO, Kenneth Kuan Choon Hsuing, and three others associated with him
• The company also commences civil proceedings in the High Court of Malaysia to identify and recover assets
• Last week, IOU reported it had “strong grounds” to suspect that Mr Kuan misappropriated up to $7 million in company funds relating to its partnership with IDSB in September last year
• The search and seizure orders were granted on March 21, with the raids taking place on March 24 across Mr Kuan’s premises and the premises of the others involved
• Shares in IOU are in voluntary suspension but last traded at 4.1 cents