Maxwell mulls independent audit of controversial ad spending

KUALA LUMPUR (Feb 12): Maxwell International Holdings Bhd said it may engage an independent firm to carry out an investigative audit on its hefty advertising spending in China, which affected its overall financial performance.

In a filing with Bursa Malaysia today, the textile and sports shoe maker also shed more light on the controversial ad spending, which was undertaken by its intermediate subsidiary, Maxwell (Xiamen) Co Ltd.

It said the subsidiary had executed contracts last year with six marketing agents in China for the promotion and establishment of 390 marketing billboards, as well as light emitting diode (LED) signboards for a period of one year.

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