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Alleged financial irregularities have put bread and confectionary maker Silver Bird in a bind, with more possible bad news on the way.
IF there is one really angry bird at the moment, it may not be one of those original 'Angry Birds' by Rovio of Finland. Instead, the angry bird in question would be Silver Bird Group Bhd, or perhaps its major shareholders.
Silver Bird is in disarray currently, and it (read the board of directors) has unleashed its anger by suspending its top executive who had led the company for more than 10 years, as well as two other senior executives.
The company's shares have been in a free fall and recently, it lost its prepaid card distribution business with Maxis Bhd. This came after the financially-troubled bread and confectionary maker, synonymous with the High 5 bread, raised red flags late February on alleged financial irregularities.
Silver Bird announced that its audited accounts for financial year 2011 would be delayed by up to three months because it needed more time to resolve …