Singapore payments start-up IOUpay (ASX:IOU) set into motion search and seizure orders against its former CFO (Chief Financial Officer), Kenneth Kuan Choon Hsuing, in Malaysia.
In a related move, IOUpay was granted Mareva injunction from the High Court of Malaysia on March 21, freezing Mr Kuan’s bank and other assets of three other individuals in the country, effectively barring them from removing assets from Malaysia for a specified time.
The Company’s financial records are the subject of an independent forensic audit by Crowe Malaysia PLT.