Hup Seng Industries Bhd has announced the demise of its managing director Kuo Choo Song. In a
Question:
Hup Seng Industries Bhd has announced the demise of its managing director Kuo Choo Song.
In a filing with Bursa Malaysia, the biscuit maker said Kuo, 89, was one of the founders of Hup Seng Co, which was established in 1958 and subsequently became Hup Seng Perusahaan Makanan (M) Sdn Bhd in 1974.
His job responsibilities included planning Hup Seng group's business development programmes and representing the group at various external functions, the group said.
Kuo was the elder brother of Datuk Keh (Kerk) Chu Koh (Hup Seng chairman) and Kerk Chiew Siong (vice chairman), and uncle of Kerk Chian Tung (executive director), Teo Lee Teck (non-executive director) and Kerk Kar Han (non-executive director).
Hup Seng was in the news last week amid a claim by Hong Kong's consumer watchdog that cancer-causing substances were detected in biscuits and crackers, including those produced by Hup Seng.
The Hong Kong Consumer Council said that 60 samples of pre-packed biscuits and crackers it tested contained cancer-inducing elements, such as glycidol or acrylamide. The council also found that 40% of the products analysed had misleading nutrition labels.
In a statement on Saturday (Oct 23), Hup Seng said it would extend its fullest cooperation to the authorities in their investigation if required.
Hup Seng's share price closed 3.5 sen or 3.85%% lower at 87.5 sen, for a market capitalisation of RM700 million.
The counter saw 13.67 million shares transacted
Sustainability accounting focuses on the disclosure of non-financial information about a firm's performance to external stakeholders, such as capital holders, creditors, and other authorities. In the case of Hup Seng, firing the respective director seemed to be insufficient in gaining stakeholders’ particularly customers’ confidence. What are other initiatives deemed necessary to be taken by the company in getting the customers back to buy their products? Use relevant theory or theories from ACC30008 when answering this question.
Expert Answer:
Answer The corporation must assist the Hong Kong Consumer Council in executing its testing in order ... View the full answer
