Sentoria announces voluntary resignation of its external auditors

• Recently, the builder and developer has been in the spotlight due to a dispute with its former chief executive officer Datuk Loh Yuen Tuck.

KUALA LUMPUR (Sept 5): Sentoria Group Bhd (KL:SNTORIA) said on Thursday that Messrs Grant Thornton Malaysia PLT (GTM) has voluntarily resigned as the company’s external auditors.

In a bourse filing, Sentoria said it had received a resignation notice from Grant Thornton Malaysia, dated Sept 2. However, it did not specify the reason for its departure.

"We are not aware of any matters that need to be brought to the attention of the shareholders," Sentoria said, adding it is now in the process of appointing new external auditors and will make further announcement once that is finalised.

Recently, the builder and developer has been in the spotlight due to a dispute with its former chief executive officer Datuk Loh Yuen Tuck.

Loh, who joined the company in January, was suspended on May 29 following allegations of misconduct. Sentoria accused him of being absent without notice since May 17, misusing his position, and engaging in various misrepresentations and irregularities.

His three-month suspension was cut short on June 28, allowing him to return to work with immediate effect, as Sentoria decided to resolve the issue internally rather than appoint an external inquiry team.

But Loh subsequently stepped down from the post. He claimed he had written to the company in a July 25 letter that he was departing due to constructive dismissal, according to a report by The Edge Malaysia that was published for the week of Aug 19-25.

In response, Sentoria refuted Loh’s claim of constructive dismissal, saying instead he had repudiated his own service contract. Sentoria, in a filing to the exchange last month, also said Loh had taken legal action against the company in the industrial court, and that it would present its case in court if required.

Sentoria’s largest shareholder is Sentoria Capital Sdn Bhd (SCSB), controlled by joint managing directors Datuk Chan Kong San and Datuk Gan Kim Leong, with a 35.8% stake.

The company has been in the red for the past four fiscal years. For the nine months ended June 30, 2024 (9MFY2024), Sentoria recorded a net loss of RM37.7 million.

Sentoria's share price, which has fallen 50% year-to-date, closed unchanged at 4.5 sen on Wednesday, giving the company a market capitalisation of RM28.03 million.

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