Benalec’s Leaw brothers reprimanded

PETALING JAYA: Bursa Malaysia has reprimanded Benalec Holings Bhd’s three Leaw brothers for breaching listing requirements and also fined them a total of RM250,000.

According to the stock exchange regulator, the directors failed to make immediate announcement, appoint an independent adviser and procure shareholders’ prior approval of the land disposals entered between Benalec’s subsidiary, Strategic Land Sdn Bhd (SLSB) with Sunshine 2000 Sdn Bhd (Sunshine 2000) and Seaside Synergy Sdn Bhd (Seaside Synergy) on Jan 18, 2012 and March 12, 2012.

On top of that, the land reclamation player also failed to appoint an independent adviser and procure shareholders’ prior approval of the Heads of Agreement announced on Dec 5, 2013 in relation to the rescission and cancellation of the land disposals.

The directors, who are also brothers, are Benalec managing director Datuk Leaw Seng Hai, former executive director Datuk Leaw Ah Chye and Datuk Leaw Tua Choon, who resigned on Dec 4, 2013.