Stock-taking at Kuwait Finance House

KUWAIT Finance House (M) Bhd (KFH Malaysia) has been thrust into the limelight in the past few months after news broke that a due diligence status audit was being conducted at the bank at the request of its new boss.

Accordingly, the status audit was to take stock of the bank’s affairs and to help with the implementation of a five-year plan.

It did not help that the bank’s financial year ending Dec 31, 2009 results revealed a net loss of RM20mil compared with a net profit of RM44.4mil a year earlier.