The Companies Commission of Malaysia (CCM) has charged NWP Holdings Bhd for its failure to obtain shareholders’ approval at its annual general meeting for the directors’ fees paid for the financial year ended Aug 31, 2017 and Aug 31, 2018.
was hauled up by the Companies Commission of Malaysia (SSM) for not getting shareholders’ approval at an AGM for the directors’ fees paid for the financial years ended Aug 31,2017 and 2018.
In a filing with Bursa Malaysia, NWP said it had on Jan 26 and Feb 8 received the summons from the CCM for the failure to obtain the approval.
“Pursuant to the summons, SSM has charged NWP for failure to obtain its shareholders’ approval at the AGM for the directors’ fees paid for the financial year ended Aug 31,2017 and 2018.
Thus, NWP is deemed to be in breach of Section 230(1)(b) of the Companies Act, 2016 and shall, on conviction, be liable to a fine not exceeding RM3mil for each charge and any payment that is paid without shareholders’ approval is a debt by the director to the company, ” it said.
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Malaysian social media was ablaze with videos of protests and rioting happening at J&T Express Malaysia warehouse this weekend.
One clip showed workers throwing parcels while protesting in a warehouse, while another allegedly in a Perak warehouse showed mountains of undelivered parcels and unloaded delivery trucks.
Tahukah kome. tengah kecoh sekarang J&T Perak Hold berang customer. dari info diterima pekerja semua mogok disebabkan masalah Gaji. pic.twitter.com/gwHkFDDFoM PERAK POWER (@iloveyouIPOH) February 5, 2021
What’s happening?
The issue appears to have arised from a change in the commission system, which allegedly drastically reduced the earnings of a delivery rider.
Published on: Sunday, February 07, 2021
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Credit: resilience.org
THE Panama Papers, the world’s biggest leaked documents, highlighted the complex ways used by companies and individuals to conceal the actual beneficiaries of a certain company. It exposed a system that appeared to facilitate economic crime.
There were 142 politicians and their families from 12 countries that put their money into offshore accounts to hide their wealth.
The same modus operandi could also be taking place locally by securing huge government projects amounting billions of ringgits.
One way to overcome corruption and money laundering is by introducing a central registry for ultimate beneficial ownership (UBO) of companies registered in Malaysia.
ASIA Media Group (AMG) is likely to be in the spotlight for the near term, with the appointment of legal advisers and forensic auditors at the company.
According to AMG’s announcement to Bursa Malaysia, it had appointed law firm Krish Maniam & Co “to investigate the possibility of losses caused by certain individuals with decision-making powers prior to the entry of the current board of directors. Essentially, the review is linked to the write-downs and depreciation of the company’s assets and their whereabouts that directly and/or indirectly led to the current impairment and write-downs”.
AMG has estimated an initial RM103.2 million in impairment losses, which is sizeable considering that its market capitalisation at last Thursday’s close of 15 sen was only RM35.92 million.