No further action in RGB International bribery case

RGB has said the case has been resolved.

Malaysia.- RGB International (RGBI) has reported through a company filing that its managing director, Dato’ Seri Chuah Kim Seah, faces no further action by authorities in Malaysia in connection to a political bribery scandal. It says the matter has been resolved.

Last year, media reported that certain political leaders were being investigated by Malaysia’s Anti-Corruption Commission for purportedly receiving funds from gambling companies ahead of state elections. RGBI refuted the claims and pledged full cooperation with the investigation. It also stated that Chuah Kim Seah was also fully cooperating with Malaysian authorities.

In its recent filing, RGB said: “The group adopts a zero-tolerance approach towards bribery or corruption and upholds the highest standard of compliance as set out in the group’s anti-bribery and corruption policy.”

RGB International posts revenue of US$22.66m for Q2

RGBI shared its financial results for the first quarter of the year. Revenue was MYR99.6m (US$22.66m), down 52.6 per cent sequentially and down 70.2 per cent year-on-year.

The company reported a profit attributable to shareholders of MYR18.9m (US$4.3m), down 28.8 per cent compared to last year. The company’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) declined by 24.7 per cent year-on-year to MYR31.2m (US$7.10m).

Some MYR67.9m (US$15.45m) came from sales and marketing of products, down 77.7 per cent from the same period last year. The sales and marketing segment’s performance in the three months was down year-on-year due to a bulk sale recorded in last year’s corresponding quarter.

Revenue from the technical support and management segment for the period increased by 2.5 per cent year-on-year to MYR29.8m (US$6.78m). Revenue from engineering services remained unchanged at MYR695,000 (US$158,000).