NWP Holdings Berhad and its wholly-owned subsidiaries have launched legal action against its Managing Director
Dato Sri’ Kee Soon Ling and Independent Non-Executive Director Mr. Yew Onn Chong (Defendants) over fraudulent transactions undertaken by them from 2016 to 2021.
The four companies had today filed a Writ and Statement of Claim at the High Court after the new management discovered a series of fraudulent transactions undertaken by the duo from 2016 to 2021, which NWP says had caused loss and damages for the group. It added, the Defendants had also permitted the fraudulent transactions to be recorded and captured in the Company’s consolidated Financial Statements (covering its Financial Year End from 2016 to 2021) and the same was submitted and announced to Bursa Malaysia.
NWP is seeking RM6.5 million in total damages from the Defendants as well as an order to bar the Defendants from being a director of the company for five years and restrain them from exercising the voting rights attached to the ordinary shares of the Company. It had filed an application for interim Order against the Defendants.
On 16 January 2022, the group discovered that the company’s Record of Depositors (ROD) had been leaked to 3rd Parties without the knowledge, consent, and authorisation of the Company. As per the record, the Company had never received any request for such ROD from the 3rd Parties or had authorised the furnishing of the ROD to any of the third parties.
The Company will also engage with the regulators and authorities for further action upon completion of the investigation.
