The Companies Commission of Malaysia (SSM) has imposed RM1 million in fines on East West Horizon Plantation Berhad (EWHPB), along with its two directors and a manager, for violating Section 46(1) of the Interest Schemes Act 2016. According to a statement from SSM, the fines were issued on September 23. EWHPB and another company, East West One Consortium Berhad (EWOCB), were found to be offering an interest scheme related to oil palm cultivation. The complaint-driven investigation by SSM was initiated after they received 46 complaints and reports between April and September of last year.
Following the complaints, SSM conducted a physical inspection at the offices of the companies and the oil palm plantation. SSM considers these allegations a serious matter that impacts good corporate governance practices for company directors. Investors who have been affected by the interest schemes managed by East West One Group (EWOG) and can provide information to assist in the investigation are encouraged to file a complaint via email at [email protected] or by calling 03-2299 4400.
