In a statement, FGP Ventures said both charges against Khemlani under Section 43(1) and Section 90(4) of the Companies Act 2016, as well as one charge against FGP Ventures under Section 43(1) of the same Act, were withdrawn by the prosecution on Feb 26.
On Dec 10 last year, FGP Ventures and Khemlani were charged at the sessions court here with two counts each under Sections 43(1) and 90(4) of the Companies Act 2016.
The charges pertained to offering RM15 million worth of Islamic redeemable preference shares (iRPS) to the public between August 2020 and August 2021 and accumulating iRPS without having a company constitution.
The company said FGP Ventures and Kemlani had submitted a representation through their lawyer, Hasif Ghazali, on Jan 9, which was duly considered by the prosecution.
FGP Ventures also said that on Feb 26, the company also pleaded guilty to an offence under Section 90(4) of the Companies Act 2016.
The sessions court then fined the company RM25,000 pursuant to Section 90(5) of the Companies Act 2016. FGP Ventures settled the fine the same day.
“In imposing the fine, judge Norina Zainol Abidin took into consideration that this is the first non-compliance committed by FGP Ventures under the Companies Act 2016.
“The company has rectified the non-compliance by lodging an amended constitution that provided for the allotment of iRPS by FGP Ventures Sdn Bhd with the Companies Commission of Malaysia,” the firm said.
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