KUALA LUMPUR (May 19): Metronic Global Bhd has appointed Ferrier Hodgson MH Sdn Bhd as special auditor to conduct a thorough review of its projects and transactions.

In a filing with Bursa Malaysia today, Metronic said Ferrier Hodgson’s appointment is effective May 2, and the review undertaken by its auditors is to be completed within two months.

The filing said the purpose of the audit is to identify any irregularities in the company's transactions, to ascertain if these have been properly accounted for, booked and disclosed, as well as to ascertain whether they have been made in the best interest of the company.

"The audit is also to ascertain whether directors involved may have breached their fiduciary duties, and to identify any possible weakness of the current standard operating procedures and corporate governance of the group, and to make suggestions for improvement," said Metronic.

"The auditors are to review projects and transactions undertaken by the group which includes loan from former directors, its fertilisers business, the Gaharu project, Kuala Krai project, Cheras project, acquisition of antiques and paintings, as well as the tenancy agreement," it added.

In view of the special audit, Metronic said its advisor Jackson Tan Ew Chew, who is a related party to a former director, has resigned from his post effective May 16.

The group’s head of finance Eric Boon has also been on leave of absence voluntarily, during the special audit period.

Metronic is specialised in system integration of intelligent building management systems and integrated security management business.

Its shares closed up 0.5 sen or 7.1% to 7.5 sen today, for a market capitalisation of RM71.2 million.