KUALA LUMPUR: A management company overseeing a palm oil co-operative scheme was charged in the Sessions Court last Tuesday (Oct 15) with failing to deposit RM9,647,971.71 into the group’s reserve fund trust account last year.
The Companies Commission of Malaysia (SSM) reported Saturday (Oct 19) that East West Horizon Plantation Bhd (EWHPB), represented by Jessie Tang, pleaded not guilty to the charge read before Judge Norina Zainol Abidin.
According to the charge sheet, EWHPB, which operates a palm oil co-operative scheme in Sabah known as the East-West Horizon Planter’s Scheme (EWHPS), failed to comply with Clause 20.1 of the Trust Deed dated Dec 24, 2012, read in conjunction with the Second Supplemental Trust Deed dated Jan 23, 2015.
EWHPB was charged with failing to deposit the specified funds into the Reserve Fund Trust Account belonging to the trustee, Pacific Trustee Bhd, between Jan 1, 2023, and March 31, 2023. These funds were intended for the first-quarter payments of the monthly net return for the scheme’s investors.
EWHPB was charged under Section 45(2) of the Interest Schemes Act 2016, which prescribes a maximum prison sentence of three years, a fine not exceeding RM500,000, or both upon conviction.
According to SSM, the court did not impose any bail on Jessie and agreed to the prosecution’s request to combine this case with two others that were charged on Sept 12.
SSM advised the public to remain vigilant and seek further information and verification from it or other enforcement agencies regarding any suspicious investment schemes or interests offered by any company or business. – Bernama
