BBBL2074: Olive Foods Sdn. Bhd. is a relatively small company incorporated in Malaysia having its business premises in Rawang: Business and Corporate Law Assignment, TARC, Malaysia
|University||Tunku Abdul Rahman College (TARC)|
|Subject||BBBL2074: BUSINESS AND CORPORATE LAW|
Olive Foods Sdn. Bhd. is a relatively small company incorporated in Malaysia having its business premises in Rawang, Selangor. The company carries on the business of importing and distributing food products to supermarkets and other retail outlets in Klang Valley.
Mr. Olive is the managing director of the company likewise Mr. Floro,a director appointed by the company responsible for souring an alternative olive supplier for the company in order for the company to produce olive vegan products and to manage the business of the company.
The appointment of Mr. Floro was decided by Mr. Olive who found out that the existing supplier Nana Sdn. Bhd. was making a very substantial margin on the prices it charged to the company and Mr. Olive believed that his close friend Mr. Floro was able to do a good job.
On 31.3.2022, Mr. Floro tendered his resignation as director where he intends to migrate to Australia and his resignation was accepted by the company.
On 1.6.2022, Mr. Olive found out that an estimated RM150, 000.00 costs, and expenses were incurred by the company for an overseas business trip approved by Mr. Floro solely. Mr. Olive also found out that some overseas trips were not for the benefit of the company, some overseas hotel accommodations expenses were claimed by Mr. Floro for his family trips, and these transactions were never disclosed to the board.
Mr. Olive was very furious when he was further made aware that Mr. Floro was one of the major shareholders of Nana Sdn. Bhd.
Hence, Mr. Olive also found out that Mr. Floro earned and received from the company’s suppliers a commission of 1 % during his tenure as a director in the company.
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