Companies Commission drops charges

PETALING JAYA: The Companies Commission of Malaysia (CCM) recently withdrew its charge against Sime Darby Holdings Bhd group human resource executive vice-president Mohamed Ishak Abd Hamid for allegedly failing to produce documents relating to an on-going investigation.

It was learnt that the CCM also withdrew its case against KPMG Corporate Services Sdn Bhd executive director Tan Kim Chuan, who was charged with a similar offence.

“The charges were withdrawn last month. Investigations are, however, still ongoing and the parties are cooperating with the CCM,” a source told StarBiz.

The source said both parties had since complied with the statutory act and that the CCM had decided to withdraw the charges.

“Consent is being obtained from the DPP (deputy public prosecutor) to withdraw the charge,” the source said.

The source added that the reason for CCM to press the charge was to send out a message to corporations in Malaysia and its officers that it was serious with its enforcement action.

Ishak and Tan were both charged at the Kuala Lumpur Sessions Court in October under Section 7B(2) of the Companies Act 1965, which carries a maximum jail sentence of three years or a RM10,000 fine or both if found guilty.

Section 7B says CCM can issue a notice to “any officer of a corporation or any person’’ to produce documents for the purpose of ascertaining whether the corporation or any of its officers is complying with the Companies Act.

It is unclear as to what is the focus of the CCM investigation or what documents were initially requested from Ishak. CCM in its statement announcing the suit did, however, say Tan had failed to produce audit working papers to the CCM investigating officer.

Ishak was unavailable for comment.

For latest MSEB indices, charts and other information click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

RHB group exits asset management business in Indonesia
DNeX completes Silterra acquisition
Serba Dinamik nominates Nexia as new external auditor
Strong demand for handformers lifts ES Ceramics' revenue and profit
KLCI falls 10.91 points as regional markets slip
The path to net zero should be an integrated initiative
RAM: No credit concerns due to Edra Energy's delay in completing power plant
Gross fixed capital formation shrank 14.5% to RM281.1b
China shares tumble on regulatory clampdown; education firms selloff heavily
Oil falls US$1/bbl as coronavirus, floods threaten demand

Stories You'll Enjoy