KUALA LUMPUR (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Xin Hwa Holdings Bhd and two of its former directors for breaching Main Market listing requirements and imposed fines totalling RM150,000.
In a statement, Bursa Malaysia said Xin Hwa was publicly reprimanded for a breach in paragraph 8.23(1) of the listing requirements, with regard to the advances and payments made on behalf of its wholly-owned subsidiary Xin Hwa Trading & Transport Sdn Bhd (XHTT) between Jan 1, 2017 and Dec 31, 2018.
"The payments were made to Xin Hwa’s unlisted holding company, NF Capital Management Sdn Bhd, amounting to RM256,629 and two directors of Xin Hwa and XHTT for their personal expenses amounting to RM516,384,” it said.
The exchange said Xin Hwa managing director Ng Aik Chuan was fined RM100,000, while executive director Ng Yam Pin was fined RM50,000; both were also given a public reprimand.
Bursa Malaysia views a contravention of paragraph 8.23 seriously as it is one of the key investor protection requirements that serve to ensure proper preservation and employment of the company's assets or funds.