Bursa Malaysia reprimands Xin Hwa, fines two ex-directors for breaching listing rules.
KUALA LUMPUR (June 24): Bursa Malaysia Securities Bhd has publicly reprimanded Xin Hwa Holdings Bhd and two of its former directors for breaching listing rules.
The ex-directors, managing director Ng Aik Chuan and executive director Ng Yam Pin, were also fined RM100,00 and RM50,000 respectively.
In a bourse filing today, the group said it was publicly reprimanded for breach of paragraph 8.23 of the Main Market Listing Requirements, with regard to the advances and payments made on behalf of its wholly-owned subsidiary Xin Hwa Trading & Transport Sdn Bhd (XHTT) between Jan 1, 2017 and Dec 31, 2018.
Bursa Malaysia said the payments were made to Xin Hwa’s unlisted holding company NF Capital Management Sdn Bhd amounting to RM256,629, and two directors of Xin Hwa and XHHT for their personal expenses totalling RM516,384.
The regulator views the contravention of paragraph 8.23 seriously, as it is one of the key investor protection requirements which serve to ensure proper preservation and employment of the company's assets or funds.
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