Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 113

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 15
Chunk 113
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Item
15. CONTROLS AND PROCEDURES

Disclosure
Controls and Procedures

Our management, with the participation of our
Chief Executive Officer, Victor Hoo and our Chief Financial Officer, Ang Zhi Feng, has performed an evaluation of the effectiveness of
our disclosure controls and procedures within the meaning of Rules 13a-15(e) and 15d-15(e) of the Exchange Act as of the end of the period
covered by this annual report. Based on such evaluation, our management has concluded that, as of the end of the period covered by this
annual report, our disclosure controls and procedures were not effective to provide reasonable assurance that material information required
to be disclosed by us in the reports that we file with, or submit to, the SEC under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in by the SEC’s rules and regulations. This determination was primarily due to the
identification of the material weaknesses identified in our internal control over financial reporting discussed below.

Management’s Annual Report on Internal
Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under
the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness
of our internal control over financial reporting. Our management assessed the effectiveness of our internal control over financial reporting
as of December 31, 2024. In making this assessment, it used the criteria established in the updated framework in the Internal Control
- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 1992 and updated in May 2013
issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. Based on this evaluation, management concluded
that the Company’s internal control over financial reporting is not effective as of December 31, 2024, due to material weaknesses
in our internal control over financial reporting, as further described below.

The specific material weaknesses we identified
in our internal control over financial reporting consist of the following:

  The Company has inadequate documentation on internal control over financial reporting;  

  The Company does not maintain documentation on operating effectiveness tests of internal control over financial reporting;  

  The lack of sufficient qualified accounting personnel with appropriate understanding of SEC reporting requirements commensurate with the Company’s financial reporting requirements,