In May 2007, Transmile shares saw a massive selldown following the company's announcement on 7 May 2007 concerning the reliability of its unaudited consolidated results for the financial year ended 31 December 2006, resulting from the Company's auditors not able to satisfy themselves on the fairness or validity of certain transactions. Consequently, the company commissioned a special audit relating to the matter. The Securities Commission had charged three former executives of Transmile Bhd, including its founder, with giving misleading financial statements.
The three are ex-chief financial officer Lo Chok Ping, ex-executive director Khiudin Mohd and founder Gan Boon Aun, who resigned as chief executive officer in June 2007.
He quit after Transmile had lodged a police report over false statements and documents on revenue, property, plant and equipment and payments to third parties as reported by Moores Rowland Risk Management Sdn Bhd in a special audit.
On August 19, 2009, Malaysia Airlines announces that its aircraft maintenance unit is planning to acquire Transmile engineering unit to achieve a revenue target of MYR500 million ringgit (USD$140.9 million) this year.The plan involves the purchase of Transmile's base maintenance and engineering capabilities including 2 hangars, equipment, and employment of its skilled manpower.
