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SSM issues 4 compound notices for RM1mil to company, directors and manager

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It says it is investigating two companies following 46 complaints and reports lodged against them.

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Free Malaysia Today
The Companies Commission of Malaysia said both the companies under probe offered an interest scheme in the form of shared farming investments related to palm oil cultivation.

KUALA LUMPUR:
The Companies Commission of Malaysia (SSM) has issued four compound notices for RM1 million to East West Horizon Plantation Bhd (EWHPB), its two directors and a manager for breaching Section 46(1) of the Interest Schemes Act 2016.

According to a statement issued by SSM today, the compound notices were issued on Sept 23.

An interest scheme is a way of doing business and involves the pooling of financial contributions from the public in exchange for an interest in a particular scheme.

SSM said EWHPB and another company, known as East West One Consortium Bhd (EWOCB), both offered interest schemes in the form of shared farming investments related to palm oil cultivation and managed by East West One Group (EWOG).

They were investigated by the commission following complaints lodged against them.

“The investigation was carried out following 46 complaints and reports received by the agency involving the two companies from April to September last year.

“On Sept 25, SSM opened an investigation paper and carried out a physical inspection at the management offices of the companies concerned, as well as the palm oil plantation to examine the issues raised,” the statement said.

It also said the commission took seriously such allegations as they affect good corporate governance practices that should be practised by company directors.

“Investors who are affected by the interest schemes managed by EWOG and have information to assist the investigation, are advised to come forward to make a complaint via email to aduan@ssm.com.my or call 03-2299 4400,” it said.

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