Bursa Malaysia reprimands Xin Hwa, fines directors

In addition, the two directors, Ng Aik Chuan and Ng Yam Pin, were slapped with penalties of RM100,000 and RM50,000 respectively.

PETALING JAYA: Logistics firm Xin Hwa Holdings Bhd and its two directors were reprimanded by Bursa Malaysia for making advances and payments worth almost RM800,000 in breach of the Main Market Listing Requirements (LR).

In addition, the two directors, Ng Aik Chuan and Ng Yam Pin, were slapped with penalties of RM100,000 and RM50,000 respectively.

Bursa Malaysia said that Xin Hwa’s wholly-owned subsidiary, Xin Hwa Trading & Transport Sdn Bhd (XHTT), made advances and payments of RM256, 629 to Xin Hwa’s holding company NF Capital Management Sdn Bhd.

It also made advances and payments of RM516,384 to Aik Chuan and Yam Pin, as well as XHTT’s director Eng Peng Lam @ Ng Peng Lam for their personal expenses.

The transactions happened between Jan 1, 2017 and Dec 31, 2018.

According to the stock exchange operator, these advances and payments were prohibited under paragraph 8.23(1) of the Main Market LR.

“A breach of paragraph 8.23 of the Main Market LR warranted a deterrent penalty involving a public reprimand and fines so as to underline the serious view taken by Bursa Malaysia Securities on such breach and remind the directors on the proper discharge of their duties to ensure compliance of paragraph 8.23 of the Main LR, ” stated Bursa Malaysia in a statement yesterday.